Alhamdulillah, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) successfully concluded its 23rd Annual Shari’ah Boards Conference on Monday, 21 April 2025, corresponding to 23 Shawwal 1446H, at the Crowne Plaza Hotel in the Kingdom of Bahrain.

Just like the first day, alhamdulillah, the second day also witnessed phenomenal participation from senior Shari’ah scholars, policy-makers, and Islamic finance experts representing regulatory authorities, financial institutions, and academia from across the globe.

The conference agenda for the day featured in-depth discussions on two high-priority topics. The first focused on the combination of contracts in structured arrangements: its guidelines and Shari’ah implications, examining the nature of contract combination, the Fiqh perspectives on combining contracts and promises, and the impact of multiple capacities and outcomes in contractual obligations. Cross-default implications and the need for combining contracts in Islamic financial structures were also examined in detail.

The final session of the conference addressed reinsurance: its importance, structures, and practical applications, with particular attention to its necessity for Takaful operators, the distinction between compulsory and optional reinsurance, and the Shari’ah parameters for engaging with conventional reinsurers. The session also explored co-insurance arrangements and the mitigation of impermissibility through structured solutions in scenarios of Shari’ah-recognized necessity.

The conference concluded with closing remarks that summarized the key academic insights and industry implications discussed across the two days. AAOIFI reaffirmed its commitment to continued Shari’ah standard-setting and collaboration with regulators and institutions worldwide to promote harmonization and ethical financial practices.

AAOIFI also organised its Board of Trustees Meeting on 19 April 2025, while the annual general meeting was organised on 20 April 2025.

On this occasion, H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa, the Chairman of AAOIFI Board of Trustees stated that “we would like to thank all our supporters and speakers who travelled far and wide to attend this important conference including the members of AAOIFI Shari’ah Board. His Excellency in particular paid tribute to His Majesty King Hamad bin Isa Al Khalifa and HRH Prince Salman bin Hamad bin Isa Al Khalifa, Crown Prince and Prime Minister of Bahrain for their support and leadership. He added “AAOIFI Shari’ah Board’s Conference with the support of the Central Bank of Bahrain and in collaboration with other Islamic financial institutions has been playing an important role in guiding the Islamic finance industry globally for the last 23 years. We are pleased to sign important partnership agreements at the conference with a number of institutions and look forward to working with them for the benefit of the industry.” Additionally, His Excellency also thanked AAOIFI members for their attendance at the AAOIFI General Meeting.