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