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Malaysia/UAE: Despite intensified competition, central banks cooperate

 |  October 14, 2013

The heads of the central banks for both Malaysia and the United Arab Emirates signed a pact Friday to establish closer cooperation between the financial hubs even as competition for business intensifies between the two.

The two nations hold a “combined $181 billion in sharia-compliant banking assets as of 2011,” according to reports, despite cultural differences between the nations.

Reports say both central banks are financial backers of the International Islamic Liquidity Management Corp., the Malaysia-based body addressing diminished interbank lending products for Islamic banks.

The agreement was signed the memorandum of understanding in Washington at the International Monetary Fund and World Bank annual meetings.

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