Manama: BIBF yesterday announced it has concluded the second training course in the “Demystification of selected AAOIFI Sharia standards”.
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is an international, autonomous not-for-profit corporate body based in Bahrain, and prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry.
The three-day master class concluded with a certificate distribution ceremony, awarded by BIBF deputy director Dr Ahmed Al Shaikh.
“BIBF has maintained its lead in the field of Islamic finance training, evident through the co-operation and partnerships it has cultivated with international legislative bodies such as AAOIFI,” he said.
“We are committed to supporting the expansion goals of the local and regional Islamic finance industry by providing the market with highly skilled, qualified professionals.”
An elite group of thought leaders and subject matter experts delivered the training, among whom were Shaikh Dr Nizam Yaquby and Shaikh Essam Eshaq, two of the most prominent Sharia scholars in the industry.
Instructors also included T’azur head of Sharia compliance Dr Shaban Mohamed Barwari, QInvest head of legal and Sharia affairs Dr Bernard Barbour and Bank Nizwa Sharia compliance head Dr Anwar Misbah Soubra.
BIBF’s acting head of the centre for Islamic finance Dr Ahmed Asad, highlighted the benefits of the programme, which aims to clarify the applications of the AAOIFI standards in common Islamic banking tools, as well as explain their legal implications.
“As a global leader in Islamic finance training, it is our role to keep Islamic finance practitioners up-to-date with latest developments and trends,” he said.
The Arabic version of the programme is scheduled to launch in November and will include a new set of AAOIFI standards. Speakers will include Shaikh Abdul Sattar Abu Ghuddah, a leading Sharia scholar and author.
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