Ahli United Bank participates in AAOIFI 23rd Annual Shari’a Boards Conference

TDT | Manama

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A delegation of Shari’a supervisory representatives from Ahli United Bank Group recently concluded its participation in the AAOIFI 23rd Annual Shari’a Boards Conference, organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in cooperation with the Central Bank of Bahrain and held in Bahrain.

AUB’s participation stems from its keenness to develop the Islamic banking industry and continue supporting the advancement of financial products and services in compliance with Shari’a rules and principles, as the conference is one of the most prominent gatherings of Shari’a scholars and decision-makers to discuss various topics and developments in the Islamic financial industry worldwide.

The conference convened Shari’a scholars, leaders, and experts in the Islamic finance industry, alongside senior officials from central banks and supervisory authorities. Across five panel discussions held over two days, the conference explored the Shari’a aspects pertinent to the Islamic finance industry, focusing on Shari’a governance frameworks for its institutions. The event also featured several live and virtual dialogue sessions where prominent figures in Islamic finance presented their visions for the industry’s development, addressing challenges in upholding Shari’a principles in transactions and tackling current issues. Following this, four workshops were conducted, focusing on the governance and financial accounting standards issued by AAOIFI.

AUB Group’s participation in the conference represented an opportunity to exchange ideas, visions, and concepts with leading specialists in the Islamic banking industry, and to review the most important issues and topics in Islamic banking that require practical solutions and applications, especially that the Islamic banking sector needs continuous research and development efforts to address various issues facing its development.

AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari’a, accounting, auditing, ethics, and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms from over 45 countries. Its standards are currently followed by leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization to International Islamic finance practices.