AAOIFIS 7TH SHARIA CONFERENCE OPENS IN MANAMA

date: 27 05, 2008   

MANAMA, MAY 27 (BNA) — HOUSING MINISTER AND CHAIRMAN OF THE BOARD OF TRUSTEES AT THE ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS (AAOIFI) SHAIKH IBRAHIM BIN KHALIFA AL KHALIFA SAID THE ORGANISATION HAS MADE A REMARKABLE HEADWAY,
NOTABLY IN ISSUING FINANCIAL AND SHARIA-BASED STANDARDS WHICH, BY THE NEXT MONTH, WILL REACH A TOTAL OF 75 AND ARE EXPECTED TO ATTAIN 90 IN THE COMING FEW YEARS.

SHAIKH IBRAHIM WAS SPEAKING AT THE OPENING OF THE AAOIFIS 7TH SHARIA CONFERENCE, BEING ORGANISED BY THE AAOIFI ON MAY 27 AND 28 WITH THE PARTICIPATION OF 500 SHARIA SCHOLARS, SENIOR ISLAMIC FINANCIAL INSTITUTIONS MANAGEMENT STAFF MEMBERS AND A NUMBER OF UNIVERSITY PROFESSORS FROM ALL
OVER THE WORLD.

THE APPLICATION OF AAOIFI STANDARDS IS SPREADING WORLDWIDE WHILE COUNTRIES SUCH AS BAHRAIN, DUBAI, JORDAN, SUDAN, SYRIA AND LEBANON ARE MAKING
COMPLIANCE WITH THESE STANDARDS COMPULSORY, SHAIKH IBRAHIM SAID.

ALL ISLAMIC FINANCIAL INSTITUTIONS ARE APPLYING THE AAOIFI STANDARDS TO UPGRADE THEIR PRODUCTS, SHAIKH IBRAHIM SAID, NOTING THAT THE GROWING TENDENCY TO ADOPT THE STANDARDS IS LIKELY TO REINFORCE THE MARKETS CONFIDENCE IN ISLAMIC FINANCIAL AND BANKING INDUSTRY.

HE STRESSED THE NEED TO TRAIN CADRES ON THE APPLICATION OF THE AAOIFI STANDARDS, NOTING THAT THE ORGANIZATION HAS TWO PROGRAMMES.

THE FIRST PROGRAMME IS CALLED THE CERTIFIED PROFESSIONAL ACCOUNTANTS (CIPA) AND THE SECOND IS THE CERTIFIED SHARIA ADVISOR AND AUDITOR (CSAA) PROGRAMME.

ON HIS PART, GOVERNOR OF THE CENTRAL BANK OF BAHRAIN (CBB) RASHEED AL MARAJ POINTED OUT TO THE GROWING GLOBAL POPULARITY OF ISLAMIC BANKING ESPECIALLY AFTER IT PROVED ITS RESILIENCE IN THE FACE OF THE INSTABILITY THAT SWEPT ACROSS INTERNATIONAL STOCK MARKETS DUE TO THE REAL ESTATE MORTGAGE CRISIS AND DAMAGED SEVERAL CONVENTIONAL FINANCIAL INSTITUTIONS.

AL MARAJ STRESSED THE IMPORTANCE FOR ISLAMIC BANKING INSTITUTIONS TO APPLY INTERNATIONAL STANDARDS SO AS TO ENHANCE THEIR CREDIBILITY, NOTING THAT THE ISLAMIC FINANCE SECTOR IS ONE OF THE BASES OF CBBS STRATEGIC FUTURE TENDENCIES AIMED AT PREPARING THE CONVENIENT LEGISLATIVE AND
SUPERVISORY CLIMATE FOR THE DEVELOPMENT OF ISLAMIC FINANCE AND RELATED SERVICES.

HE UNDERLINED THE NEED TO TRAIN CADRES OPERATING IN THE ISLAMIC BANKING FIELD, NOTABLY IN AUDITING AND SHARIA-BASED REVIEW.

HE ALSO CALLED FOR MORE COORDINATION AND COOPERATION BETWEEN ORGANIZATIONS IN
CHARGE OF SETTING UP SHARIA-COMPLIANT STANDARDS AND PRODUCTS IN ORDER TO ACHIEVE HARMONIZATION IN ISLAMIC FINANCE INDUSTRY.

IN A STATEMENT ON THE SIDELINES OF THE CONFERENCE, MINISTER OF FINANCE SHAIKH AHMED BIN MOHAMMED AL KHALIFA HAILED BAHRAINSACHIEVEMENTS IN ISLAMIC FINANCE SECTOR AND ITS COMMITMENT TO PROMOTE IT.

THE SECTOR HAS GREAT POTENTIALS TO DEVELOP, GENERATE NEW JOB OPPORTUNITIES AND PUMP MORE INVESTMENTS, THE MINISTER SAID, UNDERSCORING
THE IMPORTANCE OF HAVING A TRAINED AND WELL-QUALIFIED CADRE FOR THE SECTOR TO GROW AND FLOURISH.

HMQ.
27-MAY-2008 18:30

http://english.bna.bh/?ID=70254

 

 

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