Growth of international Islamic capital markets in focus

Manama - 18th November 2015

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the World Bank are set to host the 10th Annual AAOIFI - World Bank Conference on Islamic Banking and Finance on the 6th and 7th of December 2015 in the Kingdom of Bahrain it was announced today at a press conference. The conference, to be held under the auspices of Central Bank of Bahrain (CBB), is among the industry's most critical, technical events and will bring together more than 300 global financial industry experts and scholars - including those from leading Islamic and conventional financial institutions.

Presiding over the press conference were Mr. Khalid Hamad, Executive Director of Banking Supervision at the CBB and Dr. Hamed Hassan Merah, Secretary General of AAOIFI who presented the theme and high level agenda for the two day Islamic finance conference. The focus will be on the continued development of international Islamic capital markets, which have seen significant growth and expansion over the past few decades. Also in the spotlight will be key issues related to further industry advancement including means for achieving greater financial inclusion and broadening the use of Islamic financial instruments. Additionally progress on standardisation and harmonisation of international Islamic financial practices will also be explored, particularly those related to the development of sovereign Sukuk globally, Islamic private equity, venture capital and "crowdfunding", and the potential for creating Shari'a compliance ratings mechanisms.

Speaking at the press conference, Mr. Khalid Hamad, Executive Director of Banking Supervision at the CBB, said, "As a leading global center for Islamic banking and finance, the Kingdom of Bahrain is delighted to support this annual conference dedicated to further raising standards and thus performance and growth throughout the industry. Bahrain has long played a pioneering role in the development of Islamic finance and continues to work closely with AAOIFI to promote and foster further advancement and the drive for innovation at all levels across the sector."

Dr. Hamed Hassan Merah, Secretary General, AAOIFI, added, "Central to AAOIFI's mission is driving the development and growth of the Islamic banking and finance industry worldwide and that is what our upcoming AAOIFI-World Bank conference will focus on. Islamic banking and finance is today a growing, global phenomenon as highlighted by our co-operation on this annual event with the World Bank. In order to support economic advancement and growth around the world, we must ensure that financial systems and organisations, be it Islamic or conventional - operate according to best practices and are in harmony. We are proud to join together with the World Bank and the Central Bank of Bahrain to examine these issues with industry leaders and scholars."

A Gala Dinner for the conference will be held on the evening of 6th of December 2015 where AAOIFI's new standards publications and digital versions of AAOIFI standards will be launched.

The conference will be followed on the 8th through 11th of December 2015 by a number of training sessions for AAOIFI Certified Shari'a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs.  CSAA and CIPA are designed for Islamic finance professionals to enhance their technical skills and understanding and assist in the application of AAOIFI standards across the Islamic banking and finance industry globally.

-Ends-

About AAOIFI
AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards on Shari'a, accounting, auditing, ethics and governance for the global Islamic finance industry.  It is supported by its institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.  Its standards are currently followed by the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.

For more information, please contact:
Mr. Mohamad H. Khaled
Marketing and PR Manager AAOIFI 
T +973 - 17375404
M +973 - 34206816
mkhaled@aaoifi.com

Zahraa Taher
FinMark Communications
T +973 17749759
ztaher@finmarkcoms.com

© Press Release 2015