Top Islamic finance experts at Bahrain forum
Manama, April 2, 2013
Top Sharia scholars and Islamic finance industry experts from across the globe will attend a key conference in Bahrain.
The annual Sharia conference of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will be held on April 15 and 16, under the patronage of the Central Bank of Bahrain (CBB), reported the Gulf Daily News, our sister publication.
"The conference will bring together leading Sharia scholars and Islamic finance industry practitioners from across the globe," AAOIFI chairman Shaikh Ibrahim bin Khalifa Al Khalifa said.
"The discussions at the conference will help us in our standard-setting efforts, and ensure that they can continue to support the industry growth and expansion."
Key issues on the agenda are the role of 'maqassed Al Sharia', which means 'intent of Sharia' in directing Islamic contracts, sukuk and products; differences between assets-backed and assets-based securities; relationship between assets and their inherent risks, special purpose vehicles and its role in sukuk structures; effects of non-registration of leased assets in lessor's books from Sharia, legal and accounting perspectives; stipulations of lenders' benefits from loans; and effect of bankruptcy on restricted investment account holders.
"AAOIFI is organising this high-level annual conference to highlight and debate important issues relating to application of Sharia to Islamic finance products, services and practices," secretary-general and chief executive Dr Khaled Al Fakih said.
"The the aim was to bring about greater harmonisation and standardisation in the international Islamic finance industry," he added.
Bahrain-based AAOIFI is also organising training courses for its certified Sharia adviser and auditor (CSAA) and certified Islamic professional accountant (CIPA) programmes from April 17 to 20.
CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards for Islamic finance operations.
AAOIFI has issued a total of 88 standards for the international Islamic finance industry in the areas of Sharia, accounting, auditing, ethics and governance.
The standards are followed by leading Islamic financial institutions throughout the world and have introduced a progressive degree of harmonisation and standardisation of global Islamic finance practices.-TradeArabia News Service
More Finance & Capital Market Stories
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO