IslamicFinance.de

The Bahrain Institute of Banking and Finance (BIBF) is working with UK-based developer Cogneum on a Shariah governance software platform. The cloud-based platform is meant to allow Islamic banks and financial institutions to streamline their internal Shariah governance processes, facilitate the integration of Maqasid al Shariah and the UN SDGs in their workflow. The software will help reduce charitable write-offs by Islamic banks due to Shariah non-compliance issues. The partners will initially target the platform for retail Islamic banks. BIBF director Mujtaba Khalid said the Shariah governance framework of the software solution will be based on AAOIFI Standards but can also be customized as per the banks’ Shariah governance manual. He added that the platform can also help organisations in the areas of green bonds, sukuk and sustainability risk reporting.