The Conference was held under the auspices of Central Bank of Bahrain and organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organisation that formulates standards on accounting, auditing, ethics, governance and Shari’a for the international Islamic finance industry.
“KFH-Bahrain recognizes the importance of such conferences that aim to enrich the field of Islamic banking through the discussion of topics related to the business. This year’s conference provided an essential forum to meet and discuss various key issues among participants and specialists from Islamic banks and financial institutions,” Abdulhakeem Alkhayyat, Managing Director and CEO of KFH-B, said.
“The AAOIFI continues to lead the way by gathering the major financial institutions together and set new standards and best practices for Islamic financial institutions. The valuable discussions held during the sessions will help steer the Islamic finance industry towards growth and this influence will be felt worldwide as the concept of ethical banking continues to develop and expand,” he added.
Amongst the topics being discussed at the conference were The Role of Maqassed Al Sharia (Intents of Sharia) in directing Islamic contracts, Sukuk and products, the differences between Assets backed securities and Assets based securities, the relationship between Assets and their inherent risks, Special purpose vehicle (SPV) and its role in Sukuk structures, the effects of non-registration of leased assets in lessor’s books from Sharia, legal and accounting perspectives, stipulations of Lender’s benefits from loans and the effect of bankruptcy on restricted investment account holders (RIAH).