Kuwait Finance House Group “KFH” is participating as a main sponsor in the AAOIFI 16th annual conference to be held in Bahrain on the 1st and 2nd December 2021, titled “Solidifying the foundations of Islamic finance post-COVID 19 – through the development of robust standards and regulatory frameworks”. The participation represents KFH keenness to develop and strengthen Islamic banking and affirm its continuous support to all efforts extended to alleviate sharia compliant financial services and products.
The conference is considered as the most significant annual event that discusses sharia aspects related to Islamic Financial Industry. The conference comprises 2 days sessions during which several highly reputable leaders in Islamic finance industry shall speak including scholars, bankers, experts, lawyers, accountants, high rank central bank officials and regulatory and supervisory authorities.
The 16th edition of the AAOIFI-IDB conference aims to discuss the key features of enhanced standardization and regulation in Shari’ah governance considering the joint efforts exerted by AAOIFI and IFSB in this regard in addition to several other issues including the development of an alternative benchmark rate, Maqasid Al-Shari’ah, accounting process of Takaful insurance, as well as sessions on Zakah and Islamic windows.
KFH Group CEO, Abdulhakim Al-Khayyat is participating in the work session titled “The Need for a comprehensive Shari’ah Governance Framework (SGF) – Key issues and solutions” which discusses the current collaboration between AAOIFI and IFSB to develop a new joint standard on the guiding principles of the Shari’ah governance framework (SGF) for institutions offering Islamic financial services. This standard shall contribute to the avoidance of the duplication of efforts by the two bodies AAOIFI and IFSB. This joint standard is expected to supersede several existing standards issued by the said two bodies.
The AAOIFI Member of the Board of Trustees and KFH Board Member Nurulrahman Abed is participating in a work session titled “Strategies of recovery from the impacts of Covid19 pandemic”. The session sheds light on the significance of the Islamic banking sector compatibility with the changing environment, employment of technology to overcome difficult conditions and establishment of highly effective and efficient procedures and operations.
Furthermore, KFH participation in the conference is considered as an opportunity to exchange thoughts and ideas with the pioneers in Islamic finance industry who are specialized in the field of accounting and auditing of Islamic finance industry and identify the main accounting issues that require practical solutions and applications in the Islamic banking business. The Islamic banking sector needs to continue research and development efforts to encounter all issues that would obstruct its development.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is one of the highly reputable international non-profit organizations. The organization was established in 1991 at the Kingdom of Bahrain. AAOIFI has made highly effective accomplishments including the issuance of more than 100 standards in the field of accounting, auditing, work ethics and governance. Also, it has issued Sharia standards which were endorsed as obligatory or advisory standards by central banks and financial authorities in several countries. The organization is supported by several member institutions including central banks, regulatory authorities, accounting and auditing companies, and legal bureaus in more than 45 countries. AAOIFI standards are currently being applied by leading Islamic financial institutions worldwide as these standards have provided an advanced stage of resemblance in Islamic financial practices worldwide.