Cagayan de Oro hosts international conference on Islamic finance

CAGAYAN DE ORO CITY, Oct. 25 (PIA) — The City of Golden Friendship hosted the first international conference on Islamic Finance, Muamalat and Financial Criminology (IFMFC) last October 23-24, 2013.

The two-day conference, held in Grand Caprice Restaurant, was participated by Islamic bankers, government officials and employees, financial and academic regulators, government auditors, accounting practitioners, financial and academic consultants from Malaysia, Indonesia, Myanmar, Nigeria, India and the Philippines.

Cagayan de Oro hosts international conference on Islamic finance

Cagayan de Oro hosts international conference on Islamic finance

It was organized by the Accounting Research Institute (ARI), Universiti Teknologi MARA Malaysia, Philippine Association of Islamic Accountants (PAIA), Philippine Institute of Certified Public Accountants (PICPA) Cagayan de Oro-Misamis Oriental chapter, National Commission on Muslim Filipinos (NCMF), and Mindanao State University (MSU) Marawi campus.

The IFMFC was aimed at discussing the issues and presenting peer reviewed researches related to Islamic financial products and services development, Islamic accounting and auditing, as well as the challenges and opportunities in achieving a steadfast Islamic industry.

PAIA President Amanoding Esmail said the conference with the theme “Rediscovering innovations in pole vaulting Economy Addressing Challenges (REACH)” was very appropriate and timely.

He said an understanding of Islamic finance is necessary to help sustain economic growth, high investment profitability and make Philippines an extremely attractive site for foreign investment.

Topics discussed by international speakers during the conference included Islamic financial products and services development, management and implementation; role of Islamic finance in industrialization; Islamic accounting and its impact on accountability and good governance; Islamic ethics and governance; Shariah auditing; and financial criminology.

Meanwhile, Dr. Rashidah Abdul Rahman, convention co-chair and deputy director of ARI, was optimistic that the conference has provided a platform for the participants to learn from the experts on Islamic Finance.

She also hopes to see Islamic finance developing in the country as this will contribute towards elevating the Philippines as a business destination in the region.