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.
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.