AAOIFI and Dar Al Sharia signed an agreement to support training initiatives in AAOIFI standards particularly in the UAE market. The agreement was signed by Mr. Omar Mustafa Ansari, Acting Secretary General, AAOIFI and Mr. Mian Muhammad Nazir, CEO, Dar Al Sharia.

The agreement holds significance especially in the backdrop of the decision by the Central Bank of UAE, upon recommendation of the Higher Shari’ah Authority (HSA), to adopt the AAOIFI Shari’ah Standards thereby mandating all financial institutions in UAE offering Shari’ah-compliant products to comply with it effective from 1^st September 2018. This landmark decision will necessitate not only a short-term but also a long-term ongoing need for capacity building of human resources in AAOIFI standards.

In that regard, Mr. Omar Mustafa Ansari thanked Mr. Mian Muhammad Nazir for utilizing this opportunity to launch training programs in AAOIFI standards. He said, “AAOIFI takes upon itself the responsibility of ensuring that the UAE market has the skilled human resource which can, to begin with, revise and develop existing and new products and services in compliance with AAOIFI Shari’ah Standards. That is why we have entered into an agreement with Dar Al Sharia and will work closely with them, as well as with other training providers, to deliver not only highly optimized and effective trainings but also launch and promote AAOIFI professional development programs such as ‘Certified Islamic Professional Accountant’ (CIPA) and ‘Certified Shari’ah Advisor and Auditor’ (CSAA).”Mr. Mian Muhammad Nazir also appreciated the timing of the agreement. He said, “Dar Al Sharia will take immediate steps to launch series of technical trainings and workshops for a range of stakeholders to ensure that they develop the knowledge and the skills required to implement AAOIFI standards in their respective organizations. I am particularly pleased to work with AAOIFI as I am proud of the standardization work they do in making Islamic finance a more transparent, resilient, and sustainable industry.”

On the occasion, Mr. Farhan Noor, Head of Professional Development, AAOIFI, remarked that those “employees who will get training in AAOIFI standards from Dar Al Sharia may also go on to pursue the ‘Certified Islamic Professional Accountant’ (CIPA) which is a professional fellowship program.”

AAOIFI is an international not-for-profit infrastructural standard-setting organization for the Islamic finance industry. Till date, it has issued 108 standards in the areas of Shari’ah, Accounting, Auditing, Governance, and Ethics which have been fully or partially adopted or being adopted in more than 19 countries and jurisdictions, and additionally as recommended guidelines or referenced by regulatory bodies of more than seven countries and jurisdictions. AAOIFI Shari’ah standards are available in Arabic (official), English, French, Russian and Urdu languages, while the translation in Chinese (Mandarin) and Turkish languages are being finalized.

Dar Al Sharia is a one-step solution provider, pioneer in the provision of holistic and cutting-edge advisory and consulting services in the field of Islamic Finance. Launched in 2007 as an initiative by Dubai Islamic Bank, it received the prestigious Mohammad bin Rashid Al Maktoum Business Innovation Award in 2017 which reaffirmed their position as a hub of innovation in Islamic finance.

For further details or queries regarding the agreement, kindly contact:

AAOIFI

Mr. Farhan Noor

Head of Professional Development

fnoor@aaoifi.com

DAR AL SHARIA

Ammar Ahmed

Head of Product Development and Training

Ammar.Ahmed@daralsharia.ae

Tel: +971 4 2107349