Manama, Kingdom of Bahrain: Accounting and Auditing Organisations for Islamic Financial Institutions (AAOIFI) in collaboration with Islamic Financial Services Board (IFSB) and International Islamic Financial Markets (IIFM) held the inaugural roundtable on alternative Islamic benchmark rates on 18 January 2022, virtually. The theme of the roundtable was: “Issues and challenges for Islamic finance in adopting alternative benchmark rates and finding an Islamic benchmark rate”.

The roundtable was attended by over 250 participants from 45 regulatory and supervisory authorities (RSAs), and a large number of participants from Islamic financial institutions (IFIs) and other institutions from around the globe.

This roundtable was a part of a series of roundtables, which aimed to discuss and deliberate on this subject and its implications on the Islamic finance industry from Shari’ah, regulatory, legal, accounting and governance perspectives.

The event was chaired by Mr. Farrukh Raza, the Chairman of the AAOIFI Governance and Ethics Board (AGEB) and Group CEO of IFAAS and Co-Founder of IFIN. The welcome address was delivered by Dr. Bello Lawal Danbatta, Secretary General of IFSB, while the keynote speech was delivered by Mr. Khalid Hamad Al Hamad, Executive Director, Banking Supervision, Central Bank of Bahrain.

The agenda of the roundtable comprised of five sessions, the first session was on identifying legal issues in adopting alternative benchmark rate, which was presented by Mr. Ijlal Alvi, CEO of IIFM.

His Eminence Sh. Mufti Taqi Usmani, Chairman, AAOIFI Shari’ah Board shared insights on Shari’ah aspects of adopting alternative benchmark rate and reemphasized the need for Islamic finance industry to have its own Islamic alternative benchmark rates. Dr. Osaid Kailani, member, AAOIFI Shari’ah Board also shared his views and experiences on existing practices within the industry with regards to the alternative rate and stated that the ideal economic parameters based alternate benchmark model may have some practical challenges but that should not stop us in developing solutions.  

Dr. Ishrat Husain, former Governor of State Bank of Pakistan shed light on the regulatory aspects and challenges of transition and adoption of alternative benchmark rates.

Dr. Kabir Hasan, member of AAOIFI Governance and Ethics Board (AGEB) shared the proposed models and approach towards development of standard on Islamic benchmark rate taken by AAOIFI. Dr. Syed Salman Ali, lead research economist at Islamic Development Bank Institute also shared a presentation on alternative models of developing an alternate benchmark rate for the industry.

The participants actively participated in the discussions and raised pertinent questions for clarifications, as well as, provided expert feedback on various areas under discussion.

Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, expressed his appreciation to IFSB and IIFM, the speakers and participants for joining the inaugural roundtable. He stated that “We are pleased to welcome for the first time 45 RSAs at this inaugural roundtable, as well as, a large number of AAOIFI members and other stakeholders, who actively participated in the discussions and shared a wealth of knowledge.” Additionally, Mr. Ansari also thanked all the speakers and Shari’ah scholars for sharing their insights during the event.

List of institutions attended the roundtable

Names of the regulatory and supervisory institutions

Names of the banks and financial institutions

Da Afghanistan Bank

Bank ABC Islamic

Bank of Algeria

Bahrain Islamic Bank

Central Bank of Bahrain

Al Salam Bank - Bahrain

Bangladesh Bank


Bangladesh Securities and Exchange Commission

Arab Bank

Brunei Darussalam Central Bank

The Arab Investment Company (TAIC)

Securities and Exchange Commission Ghana

Venture Capital Bank

Otoritas Jasa Keuangan (OJK)

Ithmaar Bank

Central Bank of Iraq


Capital Market Authority Kenya

Bank Islam Brunei Darussalam

Central Bank of Kuwait

Manzil Mortgage Services Inc.

National Bank of the Kyrgyz Republic

Jordan Islamic Bank

Service for Regulation and Supervision of Financial Markets


Capital Markets Authority - Lebanon

Jordan Islamic Bank

Central Bank of Libya

First Community Bank

Bank Negara Malaysia

Kuwait Finance House

Capital Markets Development Authority

Warba Bank

Bank of Mauritius

Blom Development Bank

Bank Al Maghrib

Azentio Software

Securities and Exchange Commission Nigeria

CIMB Islamic Bank Berhad

Central Bank of Oman


State Bank of Pakistan

Sohar International Bank

Securities and Exchange Commission of Pakistan

Palestine Islamic Bank

Palestine Monetary Authority

Saudi National Bank

Bangko Sentral ng Pilipinas

Banque Saudi Fransi

The Philippine Insurance Commission

Bank Al Bilad

Qatar Central Bank

Bank of Khartoum

Qatar Financial Centre Regulatory Authority

Cham Bank

Saudi Organization for Certified Public Accountants (SOCPA)

Al Baraka Bank - Syria

Saudi Central Bank

Syria International Islamic Bank

Capital Market Authority - Saudi

AlBarakaTurk Participation Bank

Banque Centrale Des Etats de L’afrique de L’ouest (BCEAO)

Participation Banks Association of Turkey

South African Reserve Bank

Crédit Agricole CIB

Financial Sector Conduct Authority

MUFG Bank, Ltd.

Central Bank of Sudan

HSBC Bank Middle East Limited

Central Bank of Syria

Dubai Islamic Bank

National Bank of Tajikistan

Standard Chartered

Capital Markets and Securities Authority

Emirates Islamic Bank

Conseil du marché financier - Tunisia

HSBC Bank Middle East Limited

Capital Markets Board of Turkey


Insurance & Private Pension Regulation Supervision Agency


Dubai Financial Services Authority


Insurance Regulatory Authority of Uganda


Bank of Uganda




AAOIFI, established in 1991, and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.

AAOIFI is supported by over 146* active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45* countries.

It has 113* standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 43* regulatory and supervisory authorities (RSAs) in 36* countries around the globe adopt and / or recognise AAOIFI standards and technical pronouncements either fully, partially, as guidelines, as supplementary reporting or as a basis of development of local standards / regulations. 

* As of December 2021

For more information on AAOIFI its activities, please contact: 
Dr. Rizwan Malik, Head, Standards Implementation and Strategic Developments
AAOIFI, Office: +973 – 17375401; e-mail: 

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