DIEDC, AAOIFI ink agreement to collaborate in Islamic Finance standards

Signing takes place during AAOIFI-World Bank 14th Annual Conference in Bahrain


Dubai-UAE: Dubai Islamic Economy Development Centre (DIEDC) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have signed a memorandum of understanding (MoU) to explore the latest developments, risks and challenges in Islamic finance. The signing ceremony was the highlight of the AAOIFI-World Bank 14th Annual Conference.

Organised by AAOIFI in cooperation with the World Bank, the two-day event ran from 3 to 4 November in Bahrain under the theme ‘Revolutionary Changes in Global Islamic Finance Ecosystem: Need for Governance, Standardization and Regulatory Support’.

Under the agreement, the two parties aim to conduct joint capacity-building programmes related to AAOIFI standards in various jurisdictions, especially in markets new to Islamic banking and finance. DIEDC and AAOIFI also seek to facilitate the exchange of information, host events focused on areas of mutual interest, and promote their activities to their members and wider networks.

In his speech at the conference, Abdulla Mohammed Al Awar, CEO of DIEDC, said: “The partnership between our two entities will significantly serve the Islamic finance sector, thanks to our shared objectives of promoting sustainable growth and paving the way for the next phase of development and prosperity.”

He added: “DIEDC is keen to continue expanding its strategic partner base through such agreements with the aim of further developing the Islamic economy and achieving its overall objectives. Over the past few years, we have been working to finalise the codification of Islamic finance. This will enhance the role of Islamic finance as the most effective means of developing Islamic economy and contribute to the realisation of Dubai's vision to spread the Islamic economy globally and establish itself as the global capital of Islamic economy.”

On this occasion, Omar Mustafa Ansar, Secretary General of AAOIFI, said: “AAOIFI is pleased to sign this MOU with DIEDC. We hope together we will be able enhance awareness on the standards issued by AAOIFI for the development of the Islamic finance industry globally.

“Such efforts will reinforce the role of Islamic finance as the most efficient and effective means to drive the growth and globalisation of the Islamic economy while positioning Dubai as its capital.”

In closing, Abdulla Al Awar said: “We have noted a strong belief among industry experts - given sharia’s unified global legal and regulatory framework, sharia harmonisation is the optimal method to fast-track the development of Islamic finance that can help resolve one of the critical challenges faced by the sector – inconsistency in certification and procedures.”


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