A Memorandum of Understanding has been signed by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group and Saudi-based company Hawaz to develop behavioral economics program for member countries of the Organization of Islamic Cooperation (OIC).
Hawaz is developing a behavioral economics program for the government of Saudi Arabia. IRTI and Hawaz will now work together to explore how to provide similar programs to other OIC member countries.
Acting Director General of IRTI, Dr. Sami Al-Suwailem, and Mr. Mohammad Al-Omrani, CEO of Hawaz, signed the MoU in Riyadh, Kingdom of Saudi Arabia on 28 February 2019.
The MoU outlines a framework for cooperation between the two institutions in, among others, publishing a flagship report on the role of behavioral economics in supporting development in OIC member countries; formulating a capacity building program for OIC member countries in behavioral decision making; and assisting OIC member countries in establishing “Nudge” units to guide policymaking and regulatory frameworks, particularly for Islamic finance.
About IRTI:
The Islamic Research and Training Institute (IRTI) is a Member of the Islamic Development Bank (IsDB) Group responsible for knowledge creation and dissemination in Islamic economics and finance, and fostering the use of Islamic finance to contribute to the sustainable development of IsDB member countries. More information about IRTI is available on www.irti.org. For enquiries about IRTI, please contact Habeeb Idris Pindiga (hpindiga@isdb.org).