The Assistant General Manager for Financial Control at Kuwait Finance House (KFH) Mohammed Abdul Wahab that KFH started to apply the most advanced accounting and control criteria for Islamic Basil 2, in compliance with the instructions of the Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB), by applying a system in KFH Group and its subsidiaries in Kuwait and overseas. He added that KFH is keen on committing to globally applied systems recommended by supervisory authorities, in order to meet the latest in that field, in light of the developments occurring in the global market.
He mentioned during a lecture at Gulf University that several authorities monitor and assist Islamic institutions, such as the AAOIFI, IFSB, CIBAFI, and IIFM. He went on to give a simplified explanation of the objectives and role played the aforementioned authorities. He added that the recommendations made by such authorities assist in avoiding risks and minimizing the damage caused by financial crises to Islamic banks. KFH, in addition to its cooperation with those authorities, possesses an internal supervising system that is divided into financial, Shariah, quality control, automated systems, risks management, and internal auditing. All of the aforementioned work synergistically to offer best professional service.