JEDDAH — 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.

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. — SG