Cooperation between SCA and COSOB focuses on Islamic finance, financial technology, and financial innovation

The Securities and Commodities Authority (SCA) signed an MoU with the Commission d'Organisation et de Surveillance des Opérations de Bourse (COSOB). The MoU was signed between H.E. Dr. Obaid Saif Al Zaabi, CEO of SCA, and Abdelhakim Berrah, President of COSOB, on the sidelines of a meeting of the Union of Arab Securities Authorities (UASA) convened in Amman, Jordan.

The MoU provides for the exchange of experiences to enhance the financial markets operating in both countries. This includes the development of Islamic finance tools, financial technology, blockchain, crowdfunding, and all aspects related to financial engineering and innovation.

Following the signing, Dr. Al Zaabi said that entering into this MoU comes in light of the mutual desire on both sides to draw up development plans and programs relating to Islamic finance and financial technology. It also comes as both sides believe that mutual collaboration will contribute greatly to domestic development.

He added that under the MoU, training programs will be organized within the financial services industry to increase professionalism and raise awareness about financial products and instruments traded in markets. Under the MoU, each party is required to ensure the provision of facilities to the other party to enable it to implement its programs and to make use of the training programs, activities, events, and conferences organized, in addition to the discounts offered.

It is worth mentioning that COSOB was established on May 23, 1993, as the independent regulator of Algeria’s capital markets. Its functions include regulating and overseeing stock markets and drafting regulations.