MANAMA: The Bahrain Institute of Banking and Finance (BIBF) has received financial backing from Al Salam Bank for the development of an Islamic finance e-Learning platform that will revolve around the standards issued by Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The platform will be a key reference for the Islamic finance industry and is meant to be “an easily accessible and widely affordable one-stop e-Learning solution.”
BIBF has signed a four-year globally exclusive agreement with AAOIFI to bring the entire 95 AAOIFI standards (Sharia, Accounting, Auditing and Governance) 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.
Al Salam Bank deputy group chief executive for banking Anwar Murad said with the increase in Islamic banks across the world, it is imperative to maintain financial stability adopting high standards and best practices, which in turn provide a platform to institutions.
“This agreement with BIBF is in line with the bank’s vision to develop a qualified generation in the industry who are experienced with the standards of AAOIFI to ensure only the very best deliverables in the same field,” he added.
BIBF deputy director Dr Ahmed Abdulghani Al Shaikh said the Islamic finance industry has achieved critical mass growth and the growth of the industry 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.
“As such, BIBF continues to play a critical role in the development of human capacity for the Islamic finance industry, with a focus on a practitioner’s perspective that enables Islamic financial institutions to achieve their growth potential,” he added.
BIBF will launch the first phase of the e-learning platform at the end of the year, which will include the AAOIFI Sharia standards.
The remaining standards will be launched in subsequent phases.
BIBF also intends to take a large part of its existing training modules and qualifications online, further enhancing its reach beyond Bahrain and the GCC to the world over.
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