MANAMA: The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) continues to lead the way for developing new standards for the Islamic financial institutions (IFIs), according to a senior banker.
“The valuable discussions held during the sessions will help steer the Islamic finance industry towards growth and this influence will be felt worldwide as the concept of ethical banking continues developing and expanding,” Abdulhakeem Alkhayyat, the Managing Director and CEO of KFH-B, said.
He also applauded the AAOIFI role in organizing meetings of major financial institutions as well as setting new standards and the best practices for Islamic financial institutions.
KFH-B supported as gold sponsor for the 13th annual shari’a conference, held in Manama.
The Conference was held under the auspices of the Central Bank of Bahrain and organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates standards on accounting, auditing, ethics, governance and Shari’a for the international Islamic finance industry.
“KFH-Bahrain recognizes the importance of such conferences that aim to enrich the field of Islamic banking through the discussion of topics related to the industry. This year’s Conference provided an essential forum to meet and discuss various key issues among participants and specialists from Islamic banks and financial institutions.”
Among the topics that were discussed at the Conference include the Shari’a point of view on transferring ownership to beneficial and legal in the structure of Sukuk issuance, complicity and its regulations in Islamic finance transactions, alternatives to overdraft, retained profits and model contract law in banking transactions. To accompany discussions held at the Conference a highlight was a panel discussion on the role of the Sharia Board in banks.