Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will host the AAOIFI – World Bank Annual Conference on Islamic Banking and Finance on x and x December 2015 in Manama, Kingdom of Bahrain. The conference is organized in partnership with the World Bank, and will be held under the auspices of the Central Bank of Bahrain.
Discussions at the conference will be on issues relating to continuing development of international Islamic capital markets as avenues for greater financial inclusion, and further progress on standardisation and harmonisation of international Islamic finance practices. Specific topics that will be deliberated include standardisation and harmonisation of Sukuk markets, continuing development of sovereign and retail Sukuk, development of Islamic private equity, venture capital and “crowdfunding”, and rating on Shari’a compliance and potential rating mechanisms.
The conference is also part of AAOIFI’s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Shari’a, accounting, auditing, ethics and governance.
Leading the discussions will be eminent Shari’a scholars as well as leading Islamic finance practitioners and academicians. Participants at the conference comprise Shari’a scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and other Islamic finance industry stakeholders from the across the world.
Dr. Hamed Hassan Merah, Secretary General, AAOIFI explained that “development of Islamic capital market is a vital to deepen Islamic financial system and support overall economic activities, hence AAOIFI must ensure that our standards can contribute positively towards the growth of international Islamic capital market, and this is what AAOIFI strives to accomplish. Furthermore, this conference will shed light on AAOIFI’s latest accomplishments and developments in areas relating to Islamic banking and finance practices.”
A Gala Dinner for the conference will be held in the evening of 6 December 2015. The new AAOIFI standards publications and digital versions of AAOIFI standards will be launched at the Gala Dinner.
Following the conference, AAOIFI will hold training sessions for its Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) qualification programs from 8 to 11 December 2015. CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.