Islamic finance in post-oil economic scenario
Manama, June (BNA): Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will host the AAOIFI – World Bank 11th Annual Conference on Islamic Banking and Finance on 6-7 November in Kingdom of Bahrain.
The conference is organized in partnership with the World Bank, and will be held under the auspices of the Central Bank of Bahrain (CBB).
The broad theme of the conference will focus on the post oil economic scenario of the Muslim world and its impacts on the Islamic finance industry globally, in general and in the region in particular. The conference also intends to bring under the limelight and honor a key figure from the Islamic Finance industry for his services and life-time achievements. The conference will have a face-to-face session with that figure besides honoring him. Additionally, the conference will provide updates on certain key standard development areas.
The conference will also discuss the effects on Islamic finance strategies of the changing economic environment, the role of Islamic finance with the governments in the changing economic environment and considering the Islamic agro-finance as the next destination.
The conference is also 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. Key standard development topics will include the setup and standardization for central Sharia boards, fair value and impairment and the effects of IFRS 9 on the Islamic finance industry and the debut of gold products in Islamic finance and the upcoming AAOIFI Sharia standard on gold.
Leading the discussions will be eminent Sharia scholars as well as leading Islamic finance practitioners and academicians.
Participants at the conference comprise Sharia scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and other Islamic finance industry stakeholders from the across the world.
Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman Board of Trustees, AAOIFI said:
“The Islamic finance market is based on real economy and hence is wholly dependent on the economic movements. The declining oil prices and the planning for post-oil economic scenario for the regional governments has put Islamic finance to re-think on its strategies and short to medium term business targets. It needs to engage more on the macro side with the governments for infrastructure financing and bridging the budgetary deficits through Sharia compliant institutions; and on the micro side on the new areas of financing including SME, micro and agri finance.”
Dr. Hamed Merah, Secretary General, AAOIFI said:
“The focus of the conference will be the thought process of Islamic finance for the strategies to be developed for the new economic environment. We are looking forward to having the vision of some of the most prominent experts of the field to guide the industry in these times.”
Following the conference, AAOIFI will hold training sessions for its Certified Sharia Adviser and Auditor (CSAA) qualification program. CSAA is one of AAOIFI’s benchmark qualifications designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.
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Bahrain News Agency