WB meet on Islamic Banking tomorrow

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will host the AAOIFI – World Bank Annual Conference on Islamic Banking and Finance from December 6 to 7 here. 

The conference is organised in concert with the World Bank and will be held under the auspices of the Central Bank of Bahrain.

Discussions will be on issues relating to continuing development of international Islamic capital markets as avenues for greater financial inclusion and further progress on standardisation and harmonisation of international Islamic finance practices. 

Specific topics that will be deliberated include standardisation and harmonisation of Sukuk markets, continuing development of sovereign and retail Sukuk, development of Islamic private equity, venture capital and “crowdfunding”, and rating on Sharia compliance and potential rating mechanisms.

The conference is also part of AAOIFI’s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, ethics and governance.

Discussions will be led by Sharia scholars, Islamic finance practitioners and academicians. Participants at the conference comprise Sharia scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and other Islamic finance industry stakeholders from the across the world.

The new AAOIFI standards publications and digital versions of AAOIFI standards will be launched on December 6. Following the conference, AAOIFI will hold training sessions for its Certified Sharia Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) qualification programmes from December 8 to 11.

CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.