AAOIFI Concludes 24th Annual Shari’ah Boards Conference in Bahrain
AAOIFI concludes its 24th Annual Shari’ah Boards Conference in Bahrain, bringing together global Islamic finance experts.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has concluded its 24th Annual Shari’ah Boards Conference in Bahrain. Held on October 11 and 12 at the Crowne Plaza Hotel, the event received support from the Central Bank of Bahrain (CBB) and several sponsoring institutions.
The conference brought together around 1,000 Shari’ah scholars, regulators and Islamic finance experts in person. Meanwhile, more than 4,000 participants followed the proceedings online.
For over two decades, the conference has served as a major platform for discussing Shari’ah opinions and strengthening compliance across the Islamic finance industry. This year’s event also coincided with the 35th anniversary of AAOIFI’s establishment.
Experts Discuss Key Islamic Finance Issues
The programme featured five specialised sessions on contemporary Shari’ah and technical matters. Discussions covered the alignment of AAOIFI Shari’ah Standards with legal systems and the calculation of actual direct lending costs.
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Participants also examined dual-tranche syndicated financing. These arrangements combine Islamic and conventional financing within one structure. Other sessions addressed changing circumstances affecting contracts and financial obligations, as well as exchanging value against a binding commitment.
The conference concluded with closing remarks, followed by the AAOIFI General Assembly meeting.
Senior Officials Address Opening Ceremony
The opening ceremony featured keynote addresses by prominent officials and financial sector leaders. Speakers included Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees; Dr Ali Yassin Sheikh, Deputy Governor of the Central Bank of Somalia; Dr Rabiu Olowo, Executive Secretary and CEO of Nigeria’s Financial Reporting Council; and Omar Mustafa Ansari, AAOIFI Secretary General.
In his address, Shaikh Ebrahim conveyed greetings from Bahrain’s King Hamad bin Isa Al Khalifa and Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.
He highlighted the conference’s contribution to the global Islamic finance industry over the past 23 years. He also noted that AAOIFI’s 35-year journey reflected sustained efforts to shape and develop Islamic finance practices worldwide.
AAOIFI Signs Four Cooperation Agreements
During the conference, AAOIFI signed memoranda of understanding (MoUs) with four organisations. The agreements involved Nigeria’s Financial Reporting Council, the Union of Arab Securities Authorities (UASA) in the UAE, Uzbekistan’s Chamber of Auditors and IDENFO.
The signatories included Dr Rabiu Olowo of Nigeria’s Financial Reporting Council; Jalil Tarif, Secretary General of UASA; Dr Anvar Tursunov, Chair of the Islamic Finance Methodology Committee under Uzbekistan’s Chamber of Auditors; and Raza Abidi, Co-founder and Managing Director of IDENFO.
These agreements reflect AAOIFI’s continued engagement with institutions involved in financial reporting, regulation and Islamic finance development.
Islamic Finance Standards Gain International Recognition
Islamic finance continues to attract international attention as a financial model based on ethical principles. AAOIFI plays a central role in developing and harmonising industry practices through its standards.
According to the organisation, its standards have been adopted or recognised by around 50 regulatory and supervisory authorities across more than 40 countries.
The conference also received support from institutions across the financial and business sectors. Saudi National Bank (SNB) served as the major partner. Bahrain Islamic Bank, Eiger Trading, Al Salam Bank, Al Baraka Bank, Abu Dhabi Islamic Bank and DDCAP Group participated as gold partners.
Meanwhile, LSEG, the Bahrain Institute of Banking and Finance (BIBF) and the Zayed Fund for Entrepreneurship and Innovation served as knowledge partners. TAIF and CIBE supported the event as media partners.
Proceedings Streamed in Multiple Languages
To reach a wider international audience, organisers provided simultaneous English and Urdu interpretation of the Arabic proceedings. They also streamed the conference live through AAOIFI’s digital platforms, including Zoom, YouTube and Facebook.
The event concluded with discussions aimed at strengthening cooperation and promoting greater consistency in Shari’ah governance across the global Islamic finance industry.
