Manama: Several new cooperation agreements between Malaysia and Bahrain, primarily focusing on financial technology (fintech) and education, are expected to be formalised before May, according to Prime Minister Datuk Seri Anwar Ibrahim. These agreements were discussed during Anwar’s inaugural official visit to Bahrain, where he emphasized the need for developing sophisticated Islamic fintech instruments.

According to BERNAMA News Agency, Anwar highlighted the importance of moving beyond conventional banking instruments and the necessity for thorough research and understanding of Shariah regulations. He shared these insights at a press conference after concluding his official visit to Bahrain, emphasizing the strengthening of fintech institutions through adherence to Maqasid Shariah requirements.

Anwar, who also serves as Malaysia’s Finance Minister, pointed out the critical role of education in enhancing capabilities in fintech, digital transformation, and energy transition. He stressed the prioritization of research and education to swiftly implement initiatives in Islamic fintech and education.

During his Bahrain visit, Anwar held discussions with the Crown Prince and Prime Minister of Bahrain, Salman Hamad Al Khalifa, and King Hamad Isa Al Khalifa. The talks focused on a broad spectrum of cooperation areas, including fintech through banking partnerships, information technology, digitalisation, and education.

Anwar expressed optimism about finalising several cooperation agreements before Crown Prince Salman’s visit to Malaysia in May, aiming to enhance the implementation of these initiatives for mutual benefit. He also signaled Malaysia’s interest in learning from the Bahrain Economic Development Board (EDB), which has established Bahrain as a regional financial hub.

Additionally, Anwar sought insights from Bahrain on cryptocurrency management and expressed Malaysia’s desire to learn from Bahrain’s experiences to advance rapidly in this field. King Hamad expressed his support for Malaysia’s initiatives and stressed the importance of continuing bilateral cooperation efforts.

King Hamad also endorsed Malaysia’s plans to organize the ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC+ China Summit scheduled for the end of May, underlining the significance of strengthening regional ties.