The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) together with the Islamic Development Bank Group (IsDB), represented by IsDB Institute (IsDBI), is set to host the 18th edition of its annual Islamic banking and finance conference under the auspices of the Central Bank of Bahrain. The two-day conference will be held physically at the Crowne Plaza, in Kingdom of Bahrain, on 29-30 November 2023, with the theme “Strategies for the Impending Economic Slowdown and a Post Oil World: Through Economic Diversification and Leveraging Islamic Finance”.
The annual conference is regarded as one of the most significant gatherings in the Islamic finance industry where Shari’ah scholars, policymakers, and decision-makers convene to discuss pressing matters in the Islamic finance industry globally.
The conference will be broadcast live on Zoom, YouTube, and other social media platforms for the benefit of a broader stakeholder base. It will be supported by a variety of partners and sponsors, including Islamic banks and financial institutions, academic institutions, technology, as well as, other support service providers and knowledge-sharing platforms.
H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees stated on this occasion, “AAOIFI is pleased to hold the annual conference in Bahrain once again. We eagerly anticipate engaging in discussions on vital issues and Islamic finance-based approaches and solutions that can effectively shape a resilient and sustainable economic future. We sincerely appreciate the Central Bank of Bahrain’s and IsDB’s unwavering support of AAOIFI and its significant initiatives, such as this important conference. Insha Allah, we look forward to hosting all AAOIFI stakeholders in Bahrain”.
The two-day conference will feature keynote addresses from dignitaries and policymakers, as well as, seven panel discussion sessions. The panel discussions will examine the role of Islamic finance and Islamic fintech in diversifying economic activity in the Muslim countries, challenges and opportunities resulting from Inflation and high benchmark rates, and the use of Islamic finance in the development of infrastructure for climate change mitigation. In addition, the challenges of Sukuk Shari’ah compliance and governance and Islamic finance accounting for hyperinflation will be discussed.
Dr. Sami Suwailem, Acting Director General of IsDB Institute, commented on this occasion, “The Islamic Development Bank is committed to supporting the Islamic finance industry and, in particular, infrastructure institutions like AAOIFI which leads the standard-setting efforts of the industry. The conference is an invaluable opportunity for key players and stakeholders to review the challenges facing the industry, evaluate the progress made in addressing them, and propose action plans to enhance the contribution of the industry to the sustainable development of member countries.”
HE Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, also commented on this occasion, “The Central Bank of Bahrain is pleased to continue its support the AAOIFI-IsDB conference. This year, the conference will explore the spectrum of possibilities offered by Islamic finance in navigating unchartered economic shifts and post-oil realities. We believe that the potential of Islamic finance is largely untapped and that it is only through ongoing discussions and deliberation, trial and errors, and steadfast commitment to innovation that we can fully harness its transformative power. This conference serves as a vital forum to propel these conversations and drive Islamic finance to cater to local economies.”
AAOIFI is also organising the first-ever ‘Capacity Building Week’, which will begin on 28 November 2023 and run through 04 December 2023, after conference on 29-30 November 2023. The five-day celebration of human capital development in Islamic finance is expected to attract more than 200 trainees from at least 30 countries to participate in 17 concurrent workshops led by around 25 master trainers.