AAOIFI honored Kuwait Finance House Group (KFH) in recognition of its sponsorship of the AAOIFI 17th Annual Shari’ah Boards Conference held for two days in the Kingdom of Bahrain.
The conference brought together several Shari’ah scholars and senior representatives from central banks, regulatory authorities, supreme Islamic Financial Institutions (IFIs), accounting and auditing firms, legal firms, universities, higher learning institutions, as well as media representatives.
On behalf of Kuwait Finance House Group, Abdulhakeem Al Khayyat, Managing Director and CEO of KFH-Bahrain expressed received the honorary shield. He said: “We are pleased to continue to collaborate with the AAOIFI Conference, which sets Shari’ah Standards for Islamic Financial Institutions. This partnership comes in line with the Bank’s strategy, which focuses on elevating the standards of Islamic Banking in the Kingdom of Bahrain.”
The conference shed light on vital topics related to the future of the Islamic financial industry including: ‘Importance of Regulatory Requirement of Mandatory Adoption of Shari’ah Standards by Islamic Financial Institutions’, ‘Regulatory Imposition of Obligatory Reduction of the Amount of Debt Due to Prepayment’, ‘Validation of Defective Contracts and its Impact on Stability of Transactions and its Modern Applications’, ‘Coordination Amongst Central Shari’ah Boards’, ‘Sukuk Listing in Global Financial Markets and Compatibility of Listing Requirements with Shari’ah Structures’, ‘Methods of Safeguarding Against Risks Associated with Ownership in Ijarah Muntahia Bittamleek Financing Mode’.
Established in 1991 and based in Bahrain, AAOIFI is the leading international not-for-profit organization primarily responsible for the development and issuance of standards for the global Islamic finance industry. The body has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. AAOIFI is supported by several institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.