AAOIFI organizes an Islamic Finance Virtual Forum titled 'COVID-19 Economic Implications, Islamic Finance and the way forward'

The forum will have two keynote speeches in addition to three panel discussions with renowned leaders and experts in Islamic finance industry

  

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), in collaboration with the Islamic Research and Training Institute (IRTI) in Saudi Arabia, College of Banking and Financial Studies (CBFS) in Oman and Minhaj University in Pakistan, is organizing an Islamic finance virtual forum on 13th May 2020.

The forum will have two keynote speeches in addition to three panel discussions with renowned leaders and experts in Islamic finance industry. The panel discussions will focus on the economic implications of COVID-19 and further reassess the potential of Islamic finance through its risk sharing principles during these unprecedented times. It also aims to deliberate on the more than ever important role of banks in light of Shari’ah principles providing payment moratoriums and avoiding bankruptcies, the liquidity management crisis that the banks are facing and the impact on their profitability.  

On this occasion, H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, the Chairman of AAOIFI Board of Trustees stated that “during these extraordinary times, it is important for the Islamic finance industry to come together in a meaningful manner and deliberate on potential solutions to reduce the impact of COVID-19 pandemic on the industry and the economy as a whole. We are pleased to organize this virtual Forum in corporation with renowned organizations and leaders from around the globe.”

The forum will also deliberate on the growing role of Islamic social finance instruments and solutions by focusing on Waqf / endowments, Zakah and other philanthropy-based finances. Further, the increasing role of empathy and the need for impact-based CSR investments during these extraordinary times will be reviewed. Fintech, in advancing the Islamic finance industry during the times of crisis through financial inclusion, Islamic social finance, and acceleration in digital transformation for the financial institutions, will also be discussed.

The Secretary General of AAOIFI Mr. Omar Mustafa Ansari, while reiterating the role of Islamic social finance, stated that “Islam has provided guidance and solutions in all facets of life and as such it is important to bring those to the limelight as potential solutions to the crisis humanity is facing especially during these extraordinary times.”

To register for the event and view the tentative agenda, please visit: http://aaoifi.com/43662-2/?lang=en .

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About AAOIFI: 

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.

It has a total of 113 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.

AAOFI based in Bahrain is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are currently followed by leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices. 

For more information on AAOIFI its activities, please contact

Dr. Rizwan Malik, Senior Manager, Standards Implementation and Strategic Development, AAOIFI, Office: +973 – 17244496; e-mail: rmalik@aaoifi.com 

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