Alhadulillah, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) successfully concluded the first day of its 23rd Annual Shari’ah Boards Conference on Sunday, 20 April 2025, corresponding to 22 Shawwal 1446H, at the Crowne Plaza Hotel in the Kingdom of Bahrain.

The day commenced with a distinguished opening ceremony that featured keynote addresses by His Eminence Sheikh Muhammad Taqi Usmani, Chairman of the AAOIFI Shari’ah Board; H.E. Sheikh Ebrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees; H.E. Dr. Md. Kabir Ahmed, Deputy Governor of Bangladesh Bank; H.E. Mr. Firuz Sharifzoda, First Deputy Chairman of National Bank of Tajikistan and H.E. Dr. Mohammed Omar Banaja, Vice Governor of the Central Bank of Yemen.

The event also included a formal honouring of guests and sponsors  and the inauguration of the conference exhibition. In addition, the flagship conference also served as a platform for AAOIFI to engage and strengthen its ties with regulators and key stakeholders from across the globe, while also facilitating multilateral discussions among the various institutions fostering partnerships for the global Islamic finance ecosystem.

The day’s academic deliberations explored priority topics. The first consisted of an enriching and impactful dialogue on Sustainability of workforce development for the Islamic finance industry.

The second topic centred on compensation for breach of binding promises to purchase, sell, take or give on lease, discussing the Shari’ah basis for such compensation, the methodology for estimating actual damage, and when compensation becomes due. The practice of agreed compensation on hedging structures was also deliberated.

The third discussion examined the governing law for international Islamic financial transactions, including the extent to which foreign law may be referenced, the efficacy of stipulating non-contravention of Shari’ah, and mechanisms for integrating AAOIFI Shari’ah Standards into contracts. The feasibility of arbitration as a substitute for foreign governing law was also discussed.

Alhamdulillah, the event brought together an in-person audience exceeding 1,000 participants, in addition to 300+ virtual attendees from various regions across the globe.

AAOIFI looks forward to the continuation of the conference on the second day, Insha’allah, which will cover key issues including the combination of contracts in structured arrangements: its guidelines and Shari’ah implications, and reinsurance: its importance, structures, and practical applications. The conference will, insha’allah, conclude with closing reflections on the key outcomes.

AAOIFI extends its sincere appreciation to all participants, scholars, speakers, sponsors, and media partners. All sessions are streamed live in Arabic and Englishvia AAOIFI’s official digital platforms.