Monday, 23 October 2017

AAOIFI to discuss standards at AAOIFI-World Bank Annual Conference

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has announced the AAOIFI-World Bank Annual Conference, 12th edition, under the theme Towards Quantitative Growth and Standardization of Islamic Finance. The event will be held on 5 and 6 November 2017 in Bahrain, in partnership with the World Bank, and under auspices of the Central Bank of Bahrain.

The guest of honour and keynote speaker, will be HE Dr Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority, the central bank of KSA. Other speakers including governors of central banks and regulatory and supervisory authorities, as well as senior management officials, thought leaders, scholars, and experts from across the global Islamic finance industry.

Seven sessions are scheduled, ranging from open dialogue sessions featuring the industry’s leaders and pioneers, to paper presentations and discussion sessions. The main topics include pros and cons of standardising Islamic finance practices and regulations at an international level, evaluating the real-world adoption and application of technical standards by the Islamic finance industry, and charting the way forward.

One session will identify leading bankers’ views on standardisation of the industry and its impact on qualitative growth. Another session discusses the establishment of a unified shari’ah authority for the Islamic finance industry, globally, as well as an evaluation of reality and the proposed roadmap, through two empirical studies involving methodological research and a survey aiming to probe the views of key shari’ah scholars and fuqaha (jurists) across the globe. In addition, a third session will portray four experiences of countries that have recently admitted and recognised Islamic finance in their jurisdictions, shedding light on the efforts exerted by each country to develop its own regulatory and supervisory framework, and the main challenges for the Islamic finance industry in these newcomer markets. The conference will conclude by a session on fiduciary rating and shari’ah compliance.

HE Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI’s Board of Trustees, stated that the industry currently needs more compliance of products with shari’ah and its supreme objectives and noble cause, as well as improved levels of governance and transparency. "This would also require efforts to catapult the industry to higher levels of professionalism and institutionalisation at the international level, through the development of more professional standards to govern and regulate all its activities and areas of interest and attain higher levels of global adoption and recognition. This will come under the spotlight of this year’s conference,” he said.