‘Apply standards on Shariah issues’
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Bank will host the 10th annual AAOIFI – World Bank Conference on Islamic Banking and Finance on December 6 and 7 here in Bahrain, it was announced yesterday at a press conference at Ritz Carlton Hotel.
The conference will be held under the auspices of the Central Bank of Bahrain (CBB) and will bring together more than 300 global financial industry experts and scholars, including those from leading Islamic and conventional financial institutions.
Speaking to DT News, Executive Director, Banking Supervision at CBB, Khalid Hamad, said it was very important to apply all the global standards on Shariah issues in their true spirit, otherwise “we will be in trouble”.
“It is not at all right for one entity to apply one standard and for another competing entity working in the same industry to apply different standard,” said Hamad.
“It is also not fair to the stake-holders, including the share holders, the investors and the users of these financial statements.”
Hamad said that Bahrain, as a leading global centre for Islamic banking and finance, was pleased to support the annual conference dedicated to further raising standards and thus performance and growth throughout the industry.
“Bahrain has long played a pioneer’s role in the development of Islamic finance and continues to work closely with AAOIFI to promote further advancement and the drive for innovation at all levels across the sector.”
AAOIFI Secretary General Dr Hamad Hassan Merah told DT News that the main challenge they were facing regarding the Islamic banking was the implementation of the standards and they were trying their level best to improve it.
He said they were working on two things – Firstly, to issue the standards, to review the standards and develop the standards and secondly to interact with the industrial stakeholders to get those standards implemented.
“There are several countries who have implemented our standards as compulsory,” said Dr Merah. “The practice of implementation of standards will enhance the Islamic harmonisation in all the Arab countries,” he added.
“Central to AAOIFI’s mission is driving the development and growth of the Islamic banking and finance industry worldwide and that is what the conference will focus on,” Dr Merah said.
He said that Islamic banking was today a growing and global phenomenon. “In order to support economic advancement and growth around the world, we must ensure that financial systems and organisations, be it Islamic or conventional, operate according to the best practices and are in harmony. “
The conference will be followed by a number of training sessions for AAOIFI- Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programmes from December 8 to 11.
Photo Caption : Dr Hamad Hassan Merah addressing the press conference as Khalid Hamad looks on
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