Islamic finance firms in need of capital

Islamic financial institutions will require an increase in capital if they have advantage of growth opportunities, said Central Bank of Bahrain Governor Rasheed Al Maraj.

Islamic finance firms in need of capital

Islamic finance firms in need of capital

He was speaking at the opening session of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)-World Bank Annual Conference on Islamic Banking and Finance at the Diplomat Radisson Blu Hotel, Residence and Spa yesterday.

According to Al Maraj, more financial and technical support for infrastructure institutions is also needed to enable them to develop better accounting and auditing standards, reported the Gulf Daily News, our sister publication.

“The AAOIFI is currently finalising the issuance of revised accounting standards relating to investment accounts,” the institution’s secretary-general and chief executive Khalid Al Fakih said.

“We are also working on revision of four existing accounting standards on takaful,” he stated.

“Revision of existing standards on Mudaraba and Ijarah and development of a new accounting standard on issuance of sukuk are the other projects.

“The AAOIFI is also continuing work on the development of a new governance standard on Sharia supervisory boards in institutions and revision of existing auditing standards,” added Al Fakih.-TradeArabia News Service.

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Islamic finance forum begins in Bahrain

A major conference on international accounting standards for Islamic finance is being organised in Bahrain in partnership with the World Bank.

Islamic finance forum begins in Bahrain

Islamic finance forum begins in Bahrain

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is hosting the event under the auspices of the Central Bank of Bahrain starting from today.

The two-day ‘AAOIFI-World Bank Annual Conference on Islamic Banking and Finance’ will run at the Diplomat Radisson Blu Hotel, Residence and Spa.

It 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.

The conference will see experts discuss 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, reported the Gulf Daily News, our sister publication.

A number of research papers will be presented 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 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.-TradeArabia News Service.

http://www.tradearabia.com/news/BANK_246566.html