The Centre for Excellence in Islamic Finance (IBA-CEIF) has recently signed a memorandum of understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain for strengthening and developing the Islamic Finance industry by facilitating professional development for practitioners.
The MoU was signed by Omar Mustafa Ansari - Deputy Secretary General: Accounting & Governance, AAOIFI and Ahmed Ali Siddiqui - Director, IBA-CEIF. The MoU aims to build close cooperation between IBA-CEIF and AAOIFI to achieve their common objectives.
This MoU uniquely draws on the expertise and standing of IBA-CEIF, a prestigious organization that is part of the oldest business school outside North-America. IBA-CEIF will work as AAOIFI’s Professional Development Partner to promote AAOIFI’s revamped qualification ‘Certified Islamic Professional Accountant (CIPA)’ in Pakistan. CIPA is highly recognized by the global Islamic finance industry, and the local Islamic finance industry will reap benefits from this MoU.
IBA-CEIF and AAOIFI had already been working together to promote awareness and education of AAOIFI standards in Pakistan. In this regard, CEIF has developed 6-month certificate course for in-depth study of AAOIFI Shariah Standards for industry professionals / academicians under the supervision of renowned industry experts and Shariah scholars. CEIF also facilitates the participants an opportunity to avail a Special Discount on the AAOIFI “Certified Shariah Advisor and Auditor” (CSAA) Exam at the end of the course.
At this occasion, Mr. Ahmed Ali Siddiqui expressed his views, “This new MoU between IBA-CEIF and AAOIFI aims at enhancing this cooperation and integration to strengthen the Islamic Finance industry”.© Press Release 2017