BAHRAIN: AAOIFI Islamic Banking & Finance Conference opens

The Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI ) is hosting the two day  AAOIFI -World Bank Annual Conference on Islamic Banking and Finance 18-19 November in Manama, Bahrain.

Discussions at the conference will focus on international accounting standards for Islamic finance, the dynamics of auditing and risks, incorporation of Shari’ah principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital.

AAOIFI Secretary General and CEO, Dr. Khaled Al Fakih said, “it is critical that the standards must be able to give solid support for the industry to achieve further growth. This naturally calls for AAOIFI to make sure that the standards can be properly applied and that they reflect the continuing evolution of the industry. At the conference, we hope to discuss with the industry on ways to improve harmonisation of international Islamic finance practices, including on financial reporting and auditing. We also hope to discuss the current work that we are doing in reviewing some of our existing standards, including those on Takaful and investment management.”

The conference is supported by Central Bank of Bahrain, Central Bank of Libya, Ithmaar Bank, al Baraka Banking Group, Bahrain Islamic Bank, First Energy Bank, Kuwait Finance House, and Ernst & Young.

Following the Conference, AAOIFI will hold training courses for its Certified Shari’ah Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs 20-23 November 2013.

*This article was published by CPI Financial. Read the original article here.

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