MANAMA: The 19th annual Sharia Boards Conference of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) begins today.
Taking place virtually under the auspices of the Central Bank of Bahrain (CBB), the two-day conference will have keynote speeches from governors of central banks, chairman of the AAOIFI board of trustees, chairman of AAOIFI Sharia board in addition to four panel discussions with scholars, leaders and experts in Islamic finance industry.
The panel discussions will focus and deliberate on the need and future of AAOIFI Sharia standards and the process of developing, reviewing and amending them.
Comingling of the funds of Islamic banks with the conventional bank, services Sukuk Al Ijarah and rules of trading in such Sukuk will be a key discussion topic as will the fatwa of another Sharia board.
Commenting on the role of the conference in guiding the Islamic finance industry globally for the last 18 years, AAOIFI board of trustees chairman Shaikh Ebrahim bin Khalifa Al Khalifa said: “This year’s event also comes at a special time to provide guidance on urgent issues within Islamic banking in light of the spread of Covid-19.”
The conference is supported by Saudi National Bank as the major partner, Bahrain Islamic Bank (BisB) and Bank Nizwa as gold category partners and Path Solutions as technology partner.
BisB chief executive Hassan Jarrar said: “Our sponsorship of the AAOIFI conference cements our commitment towards contributing to the progress of the Islamic banking sector as whole, ensuring we continually keep up with the ongoing developments within this vital sector, at both domestic and international levels.”
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