10 March 2025

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding (MOU) with the UK-incorporated ICMA Digital Academy to initiate collaboration on areas of mutual interest to promote Islamic banking & finance industry. The formal signing of this MOU took place on Thursday, February 27, 2025.

Commenting on this occasion, Mr. Omar Mustafa Ansari, Secretary General of AAOIFI stated: “The financial services industry is rapidly integrating Gen-AI and Big Data to enhance customer experience, strengthen risk management and improve regulatory compliance and operational efficiency. At AAOIFI, we recognise the need for Islamic finance professionals to stay ahead in this evolving landscape. Through our collaboration with ICMA Digital Academy, we aim to equip our Fellows alumni with the necessary knowledge and skills to critically assess and responsibly leverage Gen-AI in Islamic finance in general and AAOIFI standards in specific. This initiative is a step towards facilitating a more informed and future-ready Islamic finance industry.”

Mr. Michael McKinlay, Executive Director of ICMA Digital Academy added: “Most international banks are not just making sure that their AI experts are skilled appropriately. They are taking initiatives so that their entire workforce is AI-literate. The objective is to create an environment where the entire organisation is learning together during this phase of digital transformation driven by Gen-AI.”

Incorporated in the UK, ICMA Digital Academy’s mission is to develop job-ready workforce of the future with globally in-demand digital skills. Its portfolio of Gen-AI training programs would help AAOIFI Fellow alumni develop digital-first career capabilities to become successful in the digital world of tomorrow.

About AAOIFI:

AAOIFI, established in 1991, and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.

AAOIFI is supported by over 184* active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45* countries.

It has 127* standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 47* regulatory and supervisory authorities (RSAs) in 36* countries around the globe adopt and / or recognize AAOIFI standards and technical pronouncements either fully, partially, as guidelines, as supplementary reporting or as a basis of development of local standards / regulations.

This initiative by AAOIFI reinforces the importance of continuous professional development in Islamic finance to remain competitive with the conventional banking players globally.

Contacts For Further Information:

AAOIFI                                                                                    

Mr. Amier Almousa

Head of Strategic Initiatives

Manama, Bahrain

Email: aalmousa@aaoifi.com

ICMA Digital Academy

Mr. Michael McKinlay

Executive Director

London, United Kingdom

Email: leadershipteam@icmadigital.org