AAOIFI Islamic Banking & Finance Conference opens

The Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI ) is hosting the two day AAOIFI -World Bank Annual Conference on Islamic Banking and Finance 18-19 November in Manama, Bahrain.

AAOIFI Islamic Banking & Finance Conference opens

AAOIFI Islamic Banking & Finance Conference opens

Discussions at the conference will focus on international accounting standards for Islamic finance, the dynamics of auditing and risks, incorporation of Shari’ah principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital.

AAOIFI Secretary General and CEO, Dr. Khaled Al Fakih said, “it is critical that the standards must be able to give solid support for the industry to achieve further growth.This naturally calls for AAOIFI to make sure that the standards can be properly applied and that they reflect the continuing evolution of the industry. At the conference, we hope to discuss with the industry on ways to improve harmonisation of international Islamic finance practices, including on financial reporting and auditing. We also hope to discuss the current work that we are doing in reviewing some of our existing standards, including those on Takaful and investment management.”

The conference is supported by Central Bank of Bahrain, Central Bank of Libya, Ithmaar Bank, al Baraka Banking Group, Bahrain Islamic Bank, First Energy Bank, Kuwait Finance House, and Ernst & Young.

Following the Conference, AAOIFI will hold training courses for its Certified Shari’ah Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs 20-23 November 2013.

http://www.cpifinancial.net/news/post/24265/aaoifi-islamic-banking-finance-conference-opens

AAOIFI – World Bank Annual Conference on Islamic Banking and Finance to be held on 18 and 19 November 2013

Accounting and Auditing Organization for Islamic Financial Institutions ( AAOIFI ) will host the AAOIFI – World Bank Annual Conference on Islamic Banking and Finance on 18 and 19 November 2013 in Manama, Kingdom of Bahrain. The conference is organised in partnership with the World Bank, and will be held under the auspices of the Central Bank of Bahrain.

AAOIFI - World Bank Annual Conference on Islamic Banking and Finance to be held on 18 and 19 November 2013

AAOIFI – World Bank Annual Conference on Islamic Banking and Finance to be held on 18 and 19 November 2013

Discussions at the conference will be on issues relating to development and adoption of international accounting standards for Islamic finance, dynamics of auditing and risks, incorporation of Shari’a principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital.

The conference is part of AAOIFI ‘s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Shari’a, accounting, auditing, ethics and governance.

AAOIFI Secretary General and CEO, Dr. Khaled Al Fakih said “it is critical that the standards must be able to give solid support for the industry to achieve further growth. This naturally calls for AAOIFI to make sure that the standards can be properly applied and that they reflect the continuing evolution of the industry. At the conference, we hope to discuss with the industry on ways to improve harmonisation of international Islamic finance practices, including on financial reporting and auditing. We also hope to discuss the current work that we are doing in reviewing some of our existing standards, including those on Takaful and investment management.”

A number of research papers will be presented and discussed at the Conference by eminent Shari’a scholars, senior representatives from central banks and regulatory authorities, members of AAOIFI Shari’a Board as well as AAOIFI Accounting and Auditing Standards Board, and leading Islamic finance practitioners. The Conference will also be attended by senior representatives of Islamic financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and media, from across the world.

The conference is supported by Central Bank of Bahrain, Central Bank of Libya, Ithmaar Bank, al Baraka Banking Group, Bahrain Islamic Bank, First Energy Bank, Kuwait Finance House, and Ernst & Young.
Following the Conference, AAOIFI will also be holding the training courses for its Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs from 20 to 23 November 2013. CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.

AAOIFI has issued a total of 88 standards for the international Islamic finance industry in the areas of accounting, auditing, ethics, governance and Shari’a. The standards have introduced a progressive degree of harmonisation of global Islamic finance practices.

For more information, please contact:
Administration, AAOIFI
Tel: +97317244496
Fax: +97317250194
E-mail: [email protected]
[email protected]

© Press Release 2013

http://www.zawya.com/story/AAOIFI__World_Bank_Annual_Conference_on_Islamic_Banking_and_Finance_to_be_held_on_18_and_19_November_2013-ZAWYA20131117070516/

AAOIFI – World Bank annual conference on Islamic banking and finance to be held on 18 and 19 November 2013

Accounting and Auditing Organization for Islamic Financial Institutions ( AAOIFI ) will host the AAOIFI – World Bank Annual Conference on Islamic Banking and Finance on 18 and 19 November 2013 in Manama, Kingdom of Bahrain. The conference is organised in partnership with the World Bank, and will be held under the auspices of the Central Bank of Bahrain.

AAOIFI - World Bank annual conference on Islamic banking and finance to be held on 18 and 19 November 2013

AAOIFI – World Bank annual conference on Islamic banking and finance to be held on 18 and 19 November 2013

Discussions at the conference will be on issues relating to development and adoption of international accounting standards for Islamic finance, dynamics of auditing and risks, incorporation of Shari’a principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital.

The conference is part of AAOIFI ‘s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Shari’a, accounting, auditing, ethics and governance.

AAOIFI Secretary General and CEO, Dr. Khaled Al Fakih said “it is critical that the standards must be able to give solid support for the industry to achieve further growth. This naturally calls for AAOIFI to make sure that the standards can be properly applied and that they reflect the continuing evolution of the industry.

At the conference, we hope to discuss with the industry on ways to improve harmonisation of international Islamic finance practices, including on financial reporting and auditing. We also hope to discuss the current work that we are doing in reviewing some of our existing standards, including those on Takaful and investment management.”

A number of research papers will be presented and discussed at the Conference by eminent Shari’a scholars, senior representatives from central banks and regulatory authorities, members of AAOIFI Shari’a Board as well as AAOIFI Accounting and Auditing Standards Board, and leading Islamic finance practitioners.

The Conference will also be attended by senior representatives of Islamic financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and media, from across the world.

Following the Conference, AAOIFI will also be holding the training courses for its Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs from 20 to 23 November 2013. CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.

AAOIFI has issued a total of 88 standards for the international Islamic finance industry in the areas of accounting, auditing, ethics, governance and Shari’a. The standards have introduced a progressive degree of harmonisation of global Islamic finance practices.
-Ends-

E-mail: [email protected]
[email protected]

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Islamic finance to be probed at major forum

MANAMA: Islamic finance issues will be probed at a major conference in Bahrain next week.

Islamic finance to be probed at major forum

Islamic finance to be probed at major forum

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will host the AAOIFI-World Bank Annual Conference on Islamic Banking and Finance.

Organised in partnership with the World Bank, the conference is being held under the auspices of the Central Bank of Bahrain on Monday and Tuesday.

Discussions at the conference will be on issues relating to development and adoption of international accounting standards for Islamic finance, dynamics of auditing and risks, incorporation of Sharia principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital.

The conference is part of AAOIFI’s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, ethics and governance.

“It is critical that the standards must be able to give solid support for the industry to achieve further growth,” AAOIFI secretary-general and chief executive Dr Khaled Al Fakih said.

“This naturally calls for AAOIFI to make sure that the standards can be properly applied and that they reflect the continuing evolution of the industry.

“At the conference, we hope to discuss with the industry on ways to improve harmonisation of international Islamic finance practices, including on financial reporting and auditing.

“We also hope to discuss the current work that we are doing in reviewing some of our existing standards, including those on Takaful and investment management,” he added.

A number of research papers will be presented and discussed at the conference by eminent Sharia scholars, senior representatives from central banks and regulatory authorities, members of AAOIFI Sharia Board as well as AAOIFI Accounting and Auditing Standards Board, and leading Islamic finance practitioners.

The conference will also be attended by senior representatives of Islamic financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and media, from across the world.

Following the conference, the AAOIFI will also be holding training courses for its Certified Sharia Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programmes from November 20 to 23.

CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.

AAOIFI has issued a total of 88 standards for the international Islamic finance industry in the areas of accounting, auditing, ethics, governance and Sharia.

The standards have introduced a progressive degree of harmonisation of global Islamic finance practices.

http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=364808

AAOIFI Secretary General appointed Syrian Minister of Economy and Trade

Dr. Mohamad Nedal Alchaar, Secretary General, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has been appointed as the Minister of Economy and Trade of Syria

Dr. Mohamad Nedal Alchaar
HE Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees of AAOIFI, said that the appointment is a true privilege for Dr Alchaar and an honour for AAOIFI. He added, “On behalf of AAOIFI and the Board of Trustees, I would like to congratulate Dr Alchaar for this very important appointment and to thank him for his sterling leadership of AAOIFI as well as immense contribution to the international Islamic finance industry.”

 

AAOIFI is now carrying out the due process for selection and appointment of a new Secretary General. In the meantime, Dr. Alchaar will continue to oversee its operations including the standards development programs and related activities during the transition period, expected to be around three months, together with Khairul Nizam, Deputy Secretary General of AAOIFI.

 

Dr. Alchaar served as Secretary General of AAOIFI since 2003. He also paid tribute to the cooperation extended by AAOIFI’s institutional members in supporting the organisation’s work on standardisation and harmonisation of international Islamic finance practices. “In order for the Islamic finance industry to achieve sustainable growth, it must deliver competitive advantages to the customers. This can be achieved only if the true principles of Islamic finance are properly incorporated in products and services that the industry offers. I am very proud to be able to say that application of AAOIFI standards enables the industry to do so.” said Dr. Alchaar.

 

AAOIFI has issued a total of 86 standards in the areas of accounting, auditing, ethics, governance, and Shari’ah for international Islamic finance. It is supported by over 200 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 harmonisation of international Islamic finance practices.

http://www.cpifinancial.net/v2/News.aspx?v=1&aid=7741&sec=Islamic%20Finance

ICAI hosts seminar on Islamic banking

The Institute of Chartered Accountants of India (ICAI), Doha chapter, recently hosted a seminar on “Islamic vs conventional banking and IFRS vs AAOIFI standards”.
The event was sponsored by Sasco Group and attended by more than 100 participants.
Musadag El Melik, QNB Al Islami general manager, was the keynote speaker.


El-Melik provided an insight into the principles of Shariah-compliant Islamic banking and the various products currently available such as Ijara, Estisna’a, Mudarabah, Musharaka, Sukuk and Murabaha. The variations of Islamic banking  from the conventional system and the critical accounting standards adopted by the Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI) were highlighted.
ICAI Doha chapter vice-chairman Venkat Ramamurthy welcomed the gathering. Chapter chairman Girish Jain and secretary Valiyakath Sheji spoke.
ICAI said the chapter’s next event is a workshop, which will be held in the third week of this month.

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=414604&version=1&template_id=36&parent_id=16

AAOIFI standards 'vital for Islamic finance'

The standards set up by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) have become the core of the re-engineering process of Islamic finance.

They provide the basis for innovation within the framework of Islamic teachings, Housing Minister and AAOIFI chairman Shaikh Ibrahim bin Khalifa Al Khalifa told delegates at a conference yesterday.

“Ultimately this will hopefully enhance users confidence in Islamic practices and encourage growth of demand,” he said.

AAOIFI standards 'vital for Islamic finance'

AAOIFI standards 'vital for Islamic finance'

“The confidence in the AAOIFI stands behind its worldwide application.

“The standards are now being followed, either as part of a regulatory requirement or as internal guidelines, by all leading Islamic financial institutions across the world including the Middle East, Asia Pacific, South Asia, Central Asia, Europe and Africa,” he said.

“In order to facilitate the adoption and technical application of the standards, AAOIFI has, over the past few years, made significant progress on the implementation of the certified Sharia adviser and auditor development programmes,” he added.

He said AAOIFI had now 86 standards in total in the areas of accounting, auditing, ethics, governance and Sharia. In the past year alone, AAOIFI successfully issued a number of new standards and revised another good number of existing ones.

A total of 400 delegates from more than 30 countries took part in the conference at the Crowne Plaza yesterday.

“This is an event where scholars and practitioners can hold very democratic discussions and express ideas,” said AAOIFI secretary-general Dr Mohamad Nedal Alchaar.

“It allows people to criticise each others ideas. There are different schools of thought in a number of areas. Through standardisation we can see more harmonisation. That is essential.

“The principle is simple. We are one religion and we want one set of standards,” he said.

“This is an expanding industry and we all have to work together on standardisation to move forward,” he said. “In the current climate Islamic finance sets standards that are now seen as a positive choice not just for Muslims but also for non-Muslims because we have shown that our financial system is viable in turbulent times,” he said.

http://www.gulfbase.com/site/news/AAOIFI-standards-vital-for-Islamic-finance_159798.aspx

IFSB seminar ponders sukuk market prospects

LONDON: The effects of the global financial crisis, the statement by the Shariah Committee of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in 2008 regarding Shariah compliance relating to ownership of underlying assets and guarantees of principal by issuers of musharaka and mudaraba sukuk issued so far, the lack of standardization and several sukuk defaults, including The Investment Dar, East Cameron Gas and Golden Belt issuances, have seen the global sukuk market seek flight into the safety of ijara (leasing) structures, although musharaka and wakala structures can be used applying limited recourse to project/structured finance disciplines.

IFSB seminar ponders sukuk market prospects

Some market players are clearly hankering for a mindset change in pursuing asset-backed and true-sale sukuk as opposed to asset-based transactions. But a growing emerging consensus seems to be that the global sukuk market needs a fundamental modernization by effectively going back to basics to financing and impacting real economy assets.

This consensus was apparent at the seminar on “Issues in Sukuk Development,” which was organized by the Islamic Financial Services Board (IFSB), the prudential and supervisory standard setting organization for the global Islamic financial sector, and the Islamic Research and Training Institute (IRTI), a member of the Jeddah-based Islamic Development Bank (IUDB) Group, and which was held in London last week.

The seminar attracted the participation of a number of dignitaries and prominent speakers led by Sir Michael Savory, Lord Mayor Locum Tenens, City of London, and Rifaat Abdel Karim, secretary-general of the IFSB.

But despite the difficult market conditions, especially in 2009, Dr. Mohamed Damak,
associate at international rating agency, Standard & Poor’s Financial Services, was bullish that the sukuk market is reviving in 2010 but issuance volume will continue to depend on market conditions. His long-term expectations are that prospects remain positive with more than $30 billion of sukuk either announced or talked about in the market this year.

The upside for the sukuk market is evident. Investors are increasingly seeking to invest in products that are compliant with their beliefs. The infrastructure projects investment in the GCC is in excess of $1.2 trillion over the next two decades according to one estimate. Several non-Muslim countries/issuers are looking to diversify their investor base.

Professor Simon Archer of the ICMA Center, University of Reading in the UK, reminded delegates that the danger of “toxic sukuk” were limited by the constraints of Shariah compliance, which reduces potential prudential concerns, although systemic and macro-prudential risks remain. Even the few defaults that the market has seen is helpful in providing the market with interesting information on sukuk resolution (access to the underlying assets; guarantee enforcement).

The AAOIFI guidelines on the Ownership of Underlying Assets require that “all [tradable] sukuk must represent ownership in the underlying real assets (real, usufruct, services) with all rights and obligations), which can be owned and sold in accordance with Shariah and applicable law. Transfer of ownership must be recorded in the seller’s books as per Shariah and applicable legal requirements and should not be shown as the assets of the seller or the manager.” Continue reading