IslamicFinance.de

As part of the training programs provided internally by Capital Market Authority (CMA), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has held the 2nd batch of the training course “Essentials of Islamic Economics and Finance” to CMA’s management team members and employees, on March 21-22, 2016, in Riyadh. The course was delivered by Sheikh Dr. Yousef Al-Shubaili and Dr. Sami al Suwailem. AAOIFI’s active institutional membership includes more than 13 regulatory and supervisory authorities (for capital markets, insurance and finance) and central banks. AAOIFI provides its technical and professional services to a number of supervisory and regulatory bodies across the globe.

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has published its new five issuances: the Shari'ah standards books (both in Arabic and English), the Accounting, Auditing, and Governance Standards and Codes of Ethics (both in Arabic and English), and the compendium of Shari'ah standards research papers. The new publications will be available for sale across various markets. They will be inaugurated at a special gala dinner to be hosted by AAOIFI on 6 December 2015 in Bahrain. The gala dinner will feature inauguration of the five hard copies editions as well as the digital version and the mobile and tablet applications, in addition to the launch of the projects of translating the Sharia standards to French and Russian languages, and other initiatives.

L’AAOIFI entreprend l’initiative de faire traduire ses Shari’ah Standards en français selon une méthodologie rigoureuse pour assurer une traduction une traduction fiable comportant plusieurs niveaux de révision, d’édition et d’assurance qualité pour obtenir une édition française qui reflète fidèlement la connotation arabe de ces standards. A cet effet, l’AAOIFI invite les prestataires de traduction qualifiés pour cette mission à soumettre leurs offres financières et techniques pour la traduction des Shari’ah Standards de l’AAOIFI (54 volumes) de l’Arabe au Français, conformément aux Termes de Référence téléchargeables ci-dessous.

The Egyptian Islamic Finance Association (EIFA) obtained the licence from Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), EIFA's Chairman Mohamed Al-Beltagy said. By this licence, the association is capable of conducting accreditation tests for bankers and auditors of Islamic banking on behalf of AAOIFI in Egypt, the chairman stated. A number of bankers have already applied to conduct the accreditation tests, he added. The Bahraini organization will provide the necessary training for the bankers and auditors before conducting the test. Passing the accreditation tests is considered as an international accreditation for those who work in the field of Islamic banking.

Under the sponsorship of Alinma Bank, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held its Shariah standards hearing session in Riyadh. Participating in the event were Shariah-finance professionals from Alinma Bank, AAOIFI and other financial and research institutions from Saudi Arabia and abroad. Attendees discussed, debated and made comments on draft policies related to deposit and repurchase agreements. The meeting was the first time AAOIFI held for its Shariah standards hearing session outside Bahrain, and the move to Saudi Arabia represented an attempt on AAOIFI’s part to expand its activities and cooperation.

AAOIFI was invited to and took part as a member of the External Advisory Group of the International Monetary Fund (IMF). Over the course of 8- 14 October 2014 in Washington and New York AAOIFI held a number of successful top-level meetings with relevant departments from the IMF and World Bank, the International Federation of Accountants and with senior representatives of central banks, monetary authorities, and financial institutions. AAOIFI represents shari’a scholars industry-wide on its boards, hailing from more than 14 nationalities and across various schools of thought. In addition, AAOIFI has more than 24 years of experience, during which the institution has issued 88 standards so far.

Ernst & Young signed a working agreement with Accounting and Auditing Organization for Islamic Financial Institutions ( AAOIFI ) to assist in Sharia certification of Core Banking Systems (CBS) used by Islamic banks. On the back of this mandate, Ernst & Young is launching its new Advisory Solution, CBS Sharia Assessment, to assist international and regional technology firms. The certification programme will assess CBS services to ensure that they conform to the approved global Sharia and accounting standards.

Accounting and Auditing Organization for Islamic Financial Institutions, the leading international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari’a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".
Dr. Alchaar pointed out that AAOIFIAAOIFI standards are adopted by more than 90% of Islamic banks around the world.

The report pointed out that Kuwait ranked first among the GCC countries in terms Islamic banks assets to total banking assets, while Saudi Arabia and the UAE have risen among the countries that promote Islamic finance products and services. It added that there are many opportunities still available for Islamic finance solutions in the region where real estate finance tops other areas of interest prevalent in the UAE and Saudi Arabia.
The existence of financial centers in Bahrain, Qatar and the UAE, as well as a number of Islamic finance organizations such as the Accounting and Auditing Organization for Islamic Financial Institutions, Liquidity Management Centre, and the International Islamic Financial Market will continue to attract new players to the region and further propel the Islamic banking industry to greater heights.

Islamic finance standards maker, Accounting and Auditing Organization for Islamic Financial Institutions announced yesterday the appointment of Dr. Abdul Sattar Al Khuwaildi to its prestigious Sharia committee. Dr Al Khuwaildi is the Secretary General of the Dubai-based International Islamic Centre for Reconciliation and Arbitration since 2007, which assists in resolving financial and commercial disputes that may arise between financial and commercial institutions.