Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Ajman Bank, a leading Islamic financial institution in the United Arab Emirates, has partnered to strengthen its Shari’ah compliance by enrolling its employees in the Certificate of Proficiency in AAOIFI Shari’ah Standards (CPSS) program. The formal signing of this strategic capacity-building initiative was held during the 19th AAOIFI-IsDB Islamic Banking and Finance Conference on November 3-4, 2024, in the Kingdom of Bahrain.

Through this collaboration Ajman Bank employees will engage in the CPSS certification program via AAOIFI’s advanced e-learning portal, culminating in a professional qualification that emphasizes the technical and practical application of Shari’ah standards. This move reflects Ajman Bank’s commitment to upholding the highest Shari’ah compliance standards across its operations and services.

Commenting on this occasion, Mr. Omar Mustafa Ansari, Secretary General of AAOIFI expressed his appreciation for Ajman Bank’s proactive stance, stating, “We are delighted to support Ajman Bank’s efforts to strengthen Shari’ah compliance by enrolling its workforce in our CPSS program. This initiative is designed to equip Islamic finance professionals with the necessary skills to interpret and apply AAOIFI Shari’ah Standards in real-world scenarios. By advancing technical knowledge and practical competencies within the Islamic finance sector, our shared mission is to enhance compliance standards and contribute to the industry’s overall growth.”

In response, Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, commented on the significance of this partnership, stating, “At Ajman Bank, we understand the critical importance of adhering to the rigorous AAOIFI standards. Since the Central Bank of the UAE adopted these standards in 2018, they have become the benchmark for best practices in Islamic finance. By enrolling our employees in the CPSS program, we aim to empower our team to interpret and implement these standards effectively, reinforcing our commitment to excellence in Shari’ah compliance. Moreover, we are setting a new standard by mandating the CPSS qualification for current and future employees.”

As part of the CPSS program, Ajman Bank employees will gain access to a wide range of resources, including comprehensive study materials, mock exams, practice questions, e-learning videos, and live Q&A sessions with AAOIFI experts. The program offers flexibility, allowing staff to study at their own pace and providing a pathway to the final qualification.

AAOIFI’s offerings extend beyond the CPSS program, with certifications such as the Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Auditor (CSA), Certified Shari’ah Expert (CSE), and Certificate of Proficiency in Financial Accounting Standards (CPFAS). These credentials are available in English, Arabic, and Russian, and are backed by the guidance of the AAOIFI Education Board (AEB), which includes prominent educators, professionals, and scholars worldwide.

This partnership between AAOIFI and Ajman Bank reinforces both institutions’ commitment to Shari’ah compliance excellence and underscores the importance of continuous professional development in Islamic finance.