Posted by: islamicfinancingnews | December 4, 2012

Islamic finance experts attend Annual Islamic Banking and Finance Conference

islam-81 Recognizing that the concept of ethical banking which is central to Islamic finance is developing and expanding worldwide, the Annual Islamic Banking and Finance Conference is currently underway in Bahrain under the auspices of the country’s Central Bank (CBB).

The two-day event taking place on the third and fourth of December, 2012 is arranged by the World Bank and the AAOIFI – Accounting and Auditing Organization for Islamic Financial Institutions. The latter organization is in charge of formulating standards for the international Islamic finance industry relating to accounting and auditing, as well as ethics, governance and Shari’a. A total of 88 standards for the industry have been issued by AAOIFI to date serving to harmonize standards to the practices of Islamic finance worldwide. An Accounting Standards Workshop conducted by the AAOIFI is scheduled to follow the main conference.

The annual conference has become a recognized meeting place for distinguished Sharia scholars and experts from major Islamic banks and financial institutions, financial regulatory bodies, and other interested participants from different parts of the world to listen to speakers and discuss key issues including Takaful, Shari’a application, compliance and supervision, risk management, new and revised accounting standards, and the continued development and potential growth areas related to Islamic finance. Of course, part of that growth in North America includes the rising popularity of Islamic mortgages.

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