Kuwait Finance House-Bahrain (KFH-Bahrain), one of the leading Islamic Banks in the country and an integral contributor to the evolution of Bahrain’s Islamic Financial sector, participated of the AAOIFI 16th Annual Shari’ah Conference held recently at the Diplomat Hotel, Kingdom of Bahrain.
Participants at the conference comprised Shari’ah scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities, higher learning institutions and media.
Mr. Abdulhakeem Al Khayyat, the Managing Director and CEO at KFH-Bahrain said: “Due to the rapid growth of the Islamic financial industry, we have to ensure the banking products comply with the provisions of the Islamic Shari’ah and adhere to professional standards. We are delighted to sponsor and participate at the AAOIFI 16th Annual Shari’ah Conference, one of the most important conferences that bring together leading Shari’ah scholars and practitioners of the Islamic banking industry in the region.”
Amongst the topics being discussed at the conference were the Adoption of the International Islamic Industry Technical Standards, Pioneer Bankers’ Evaluation and Views on the Standardization in Islamic Finance Industry and its Impact on IF Qualitative Growth, Standardization of Shari’ah Standards for the Islamic financial Industry at the International Level and Regulatory and Supervisory Framework Development & Main Challenges for Islamic Finance in New Markets.
Established in 1991 and based in Bahrain, AAOIFI is the leading international not-for-profit organization primarily responsible for the development and issuance of standards for the global Islamic finance industry. The body has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.