Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed memoranda of understanding (MOUs) and AAOIFI membership agreements on the side-lines of its 20th Shari’ah Boards Conference. The MOUs signed at the conference held on 14-15 Shawwal 1443 H corresponding to 15-16 May 2022 at Gulf Hotel in the Kingdom of Bahrain, aim to initiate collaboration on areas of mutual interest to promote Islamic banking and finance industry. The agreements also aim to strengthen mutual ties not only between the institutions but also to cater to the growing need and interest to develop Islamic finance industry in their respective jurisdictions.

His Excellency Sheikh Ebrahim bin Al Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees represented AAOIFI in the signing ceremony.. The first MOU was signed with Sharjah Center for Islamic Economics at Al Qasimia University represented by Dr. Ibrahim Ali Al-Mansoori, Executive Director. The agreement is intended to support training, professional development and technical research in areas related to the Islamic finance, as well as cooperation in organizing and sponsoring conferences, seminars, workshops, and related to Islamic economics and finance, its developments and practices.

The second MOU was entered into with the Insurance and Private Pension Regulation and Supervision Authority (IPRSA) (Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu (SEDDK) represented by Mr. Hüseyin Ünal, Head of Islamic Insurance Department at the authority. AAOIFI Membership agreement was also signed with IPRSA at the confernece.

AAOIFI also signed Candidate Registration Centre agreement with Islamic Business and Finance LLC of Uzbekistan, represented by Mr. Muzaffar Khusnidinov Co-founder and Finance Manager.

The two-day conference had keynote speeches in addition to a number of panel discussions with renowned Shari’ah scholars, policymakers, decision-makers, leaders and other experts in the Islamic finance industry.

Additionally, AAOIFI also inked an MOU with the Brunei Institute of Leadership and Islamic Finance (BILIF) at a separate ceremony held at AAOIFI headquarters.