The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank (IsDB) successfully hosted the 19th AAOIFI-IsDB Annual Islamic Banking and Finance Conference on 3-4 November 2024 in the Kingdom of Bahrain.

Themed: “Leveraging Islamic Finance to Build a Sustainable, Efficient, and Resilient Halal Ecosystem for Muslim Economies,” the conference was organised with support of the Central Bank of Bahrain and with sponsorship of numerous Islamic banks and financial institutions.

Key partners included Jumhouria Bank (Libya), Kuwait Finance House (KFH), and Saudi National Bank (SNB), alongside gold partners such as Khaleeji Commercial Bank, Al Baraka Banking Group, Abu Dhabi Islamic Bank (ADIB), Warba Bank, Bahrain Islamic Bank (BiSB), and EiGER.

The conference brought together over 800 delegates from more than 35 countries, with around 700 virtual participants, showcasing high-level representation from the Republic of Tatarstan led by H.E. the Rais (Head) Mr. Roustam Minnikhanov and the accompanying delegation that included the Deputy Prime Minister and Minister of Economy Mr. Midhkat Shagiakhemetov and Talia Minullina of the Tatarstan Investment Development Authority (TIDA). Other key attendees represented over 30 regulatory and supervisory authorities worldwide, including the Bank of Russia, Da Afghanistan Bank, Central Bank of Oman, and Central Bank of Iraq.

The opening ceremony featured keynote and special addresses by H.E. Shaikh Ebrahim Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, H.E. Mr. Roustam Minnikhanov, Rais of the Republic of Tatarstan, H.E. Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute (IsDBI), Kingdom of Saudi Arabia, and H.E. Noor Ahmad Agha, Acting Governor of Da Afghanistan Bank, Islamic Emirates of Afghanistan.

In his address, H.E. Shaikh Ebrahim Al Khalifah emphasised the need for a visionary approach to foster a sustainable, efficient, and resilient Halal ecosystem, enhancing economic diversity and leveraging the potential of youth and women entrepreneurs. He underscored AAOIFI’s commitment to establishing a solid foundation for economic resilience, stating, “We are considering taking visionary steps to secure the future of our nations and our people against all forms of threats.”

Over the course of the two-day event, leading industry experts, Shari’ah scholars, regulators, policymakers, academicians and international service providers deliberated on a range of pertinent topics such as leveraging Islamic finance to transition from Halal finance to Halal ecosystem, and role of Islamic finance in establishing sustainable supply chains and ensuring food security in Muslim-majority countries.

Special sessions also addressed the challenges of converting banks and financial systems to Islamic finance and outlined AAOIFI’s roadmap for integrating sustainability within Islamic finance practices.