“The conference will bring to together the leading Shari’a Scholars and Islamic finance industry practitioner from across the globe. The discussions at the conference will help AAOIFI on our standard-setting efforts, and ensure that our standards can continue to support the industry growth and expansion,” Shaikh Ibrahim bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees, said.
“AAOIFI is organising this high-level annual conference to highlight and debate important issues relating to application of Shari’a to Islamic finance products, services and practices, with a view of introducing greater harmonisation and standardisation in the international Islamic finance industry,” AAOIFI Secretary General and CEO, Dr. Khaled Al Fakih said.
Discussions at the conference will be on issues relating to role of Maqassed Al Sharia (Intents of Sharia) in directing Islamic contracts, Sukuk and products; differences between assets-backed and assets-based securities; relationship between assets and their inherent risks, special purpose vehicle (SPV) and its role in Sukuk structures; effects of non-registration of leased assets in lessor’s books from Shari’a, legal and accounting perspectives; stipulations of lenders’ benefits from loans; and effect of bankruptcy on restricted investment account holders (RIAH).
AAOIFI is also organising the training courses for its Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) programs from 17 to 20 April 2013. CSAA and CIPA are designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards for Islamic finance operations.
AAOIFI has issued a total of 88 standards for the international Islamic finance industry in the areas of Shari’a including accounting, auditing, ethics and governance.
The standards are followed by leading Islamic financial institutions throughout the world and have introduced a progressive degree of harmonisation and standardisation of global Islamic finance practices.