BisB Strengthens Leadership in Islamic Banking with its Third Forum on Banking Operations

The forum aimed to achieve several key objectives, including explaining the foundational principles and regulatory frameworks governing Islamic financial products, shedding light on the reality of Islamic finance and its execution in banking, supporting students with research opportunities and career prospects, and aligning academia with modern developments in Islamic financial jurisprudence. It also sought to bridge the gap between theoretical concepts and practical applications in Islamic banking.

The forum agenda featured two main sessions. The first, titled “Islamic Banking: Theory and Practice,” was chaired by Rev. Sheikh Dr. Nedham Yacoubi, Vice Chairman of the Sharia’a Supervisory Board of BisB. It featured discussions by Sheikh Dr. Nazeeh Kamal Hammad, a global Sharia’a scholar and former Professor of Jurisprudence at Umm Al-Qura University in Makkah, Sheikh Dr. Fareed Hadi, a Sharia’a Board member and former Head of Islamic Banking at the University of Bahrain (UOB), and Sheikh Dr. Abdullah Eisa Aydhy, a Sharia’a Board member and Associate Professor at Imam Mohammad Ibn Saud Islamic University.

The second session, “Islamic Financial Jurisprudence: Tradition and Renewal,” was chaired by Rev. Sheikh Dr. Abdul Latif Al Mahmood, Chairman of the Sharia’a Supervisory Board of BisB. It included insights from Sheikh Dr. Khalid Mohammed Alsaiari, a Sharia’a Board member and faculty member at Saudi Electronic University, and Sheikh Dr. Salah Al Shalhoob, a Sharia’a Board member and Professor at Saudi Electronic University.

Both sessions included commentary from distinguished specialists, such as Dr. Ahmed Asad, Senior Trainer at the Bahrain Institute of Banking & Finance (BIBF); Dr. Abdul-Rahman al-Sa'di, Associate Professor at the University of Bahrain and Secretary-General of the Sharia’a Council at the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI); and Sheikh Dr. Beshr Mowafaq Lutfi, General Supervisor of the Islamic Economics and Finance Encyclopaedia and Research Professor at Qatar University.

Two significant awards were also announced during the proceedings, with the first being a postgraduate scholarship for the best research or academic project that contributes to development of the Islamic banking sector in Bahrain. Meanwhile, the second is a one-year internship with the Sharia’a Supervisory Board of BisB. Both awards are subject to specific criteria, and applications will remain open until 31^st December 2024.

Rev. Sheikh Dr. Abdul Latif Al Mahmood, Chairman of the Sharia’a Supervisory Board of BisB, said, “We are proud to have organised this forum and to have addressed critical topics with leading experts in the field of Islamic banking within and beyond Bahrain. We hope the gathering will result in significant recommendations and actionable proposals that enhance the standards of the sector both academically and practically, further solidifying Bahrain’s position as a leading regional hub in this field.”

Ms. Fatema AlAlawi, Acting Chief Executive Officer at BisB, added: "We are pleased to have organized this forum, which featured the participation of esteemed scholars and international experts. The forum aimed to maintain the momentum of progress and excellence by exploring ways to further advance Islamic banking and achieve tangible outcomes. We extend our deepest gratitude to all attendees, participants, and contributors who have played a role in the success of this initiative."

As the first Islamic financial institution in Bahrain and the fourth in the region, BisB has been instrumental in strengthening the industry by introducing innovative Sharia’a-compliant products and services. It has also published numerous educational materials aimed at promoting awareness of Sharia’a compliant transactions. The Bank held its first forum in 2017, which was conducted for imams and religious preachers. The second event, hosted in 2018, was targeted towards legal professionals.