The Fifteenth Annual Conference of the Accounting and Auditing Organization for Islamic Financial Institutions' (AAOIFI) Sharia's Supervisory Board launched yesterday in Manama, Bahrain with the participation of about 40 scholars and experts from 16 countries around the world. The Sudan is represented by a delegation led by the Director General of Khartoum Stock Exchange Dr. Azhari Al-Tayib Al-Faki
The Governor of the Central Bank of Bahrain, Rashid Al-Maraj stressed the importance of holding such annual meetings that enrich the Islamic banking sector as a result of the increasing needs of investors for this type of banking dealing compatible with the Islamic Sharia, which contributes to the creation of economic development that benefits the national economies.
Al-Maraj pointed out that the Sharia standards that AAOIFI issued have been approved by the Central Bank of Bahrain and are mandatory for locally licensed financial institutions operating in accordance with the Islamic Shari'ah and these standards have become part of the standards of auditing and accounting adopted by the bank.
The Chairman of the AAOIFI Board of Trustees Sheikh Ibrahim bin Khalifa Al-Khalifa stressed the importance of the conference in relation to the issues addressed including the supervisory framework for the Islamic banking industry, the technical and legal aspects of the industry and determination of the legal difference between a set of industry terms, which have impact on Sharia verdict on the products and contracts.
The Chairman of the Board of Trustees pointed out that the Shari'a standards AAOIFI issued have helped many Islamic banks and financial institutions to develop their products and services and improve the level of operational efficiencies, stressing that Sharia's standards also contribute to enhancing consumer confidence in the institution and the products it offers.
This year's conference was attended by a group of Islamic financial industry leaders including scholars, jurists, bankers, experts, lawyers, accountants and senior officials of central banks as well as regulatory and supervisory authorities, academicians and media professionals.
The two-day conference will discuss a number of the most important jurisprudential and legal issues related to the governance with the participation of a group of prominent specialists in these topics.

Source: SUNA