BIBF gets KHCB backing

Manama : The Bahrain Institute of Banking and Finance (BIBF) has received financial backing from Khaleeji Commercial Bank (KHCB) for the development of an Islamic finance e-Learning platform.

The platform will revolve around the standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions. 

It will be a key reference for the Islamic Finance Industry and an easily accessible one-stop e-Learning solution that will raise awareness towards the AAOIFI standards globally.

BIBF signed a four-year globally exclusive agreement with AAOIFI to bring the entire 95 standards online via video-recorded lectures, voice-overs, interactive and animated explanations, notes, case studies, self-assessments and Fatwa disclosures. The e-Learning platform will give access to individuals interested in learning about the AAOIFI standards and Islamic banking and finance.

BIBF Deputy Director Dr. Ahmed Abdulhameed Abdulghani Al Shaikh expressed his appreciation to Khaleeji Commercial Bank for this significant step for the development of human capital in the Islamic Finance industry. 

“The Islamic finance industry has achieved critical mass growth and it is expected to remain higher than other segments of the global financial sector, supported by very favourable demographics. Bahrain is strongly positioned at the forefront of this growth, establishing world-class regulation of Islamic financial services,” he said.

Form his part, KHCB CEO Khalil Al Meer, “Recently we have witnessed an increase in Islamic banks to 400 across 60 countries in the world. This great development in the Islamic banking industry, without any doubt is necessary to strengthen this industry. As a result of the same, we at KHCB prioritise developing this industry which has a tangible role in the local economy and we aim at maintaining its growth and stability. Amongst important initiatives, we have recently launched new training programmes that target developing the human resources employees in the Islamic Banking industry”

BIBF will launch the first phase of the e-learning platform at the end of the year, which will include the AAOIFI Shari’ah standards. The remaining standards will launch in the subsequent phases over the next period of the year.