Kuwait: Kuwait Finance House (KFH) announced its sponsorship of the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI – World Bank 13th Annual Conference under the them “Role of Standardization in the Future of Islamic Finance", held on the 23rd and 24th of October, 2018 at the Diplomat Hotel in the Kingdom of Bahrain.
Participants at the conference comprised of Shari’ah scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities, higher learning institutions and media.
“In light of this ‘Jazeel’, the first digital platform of its kind allowing users to open bank accounts and conduct banking transactions anytime, anywhere was launched. KFH looks forward to continually sponsoring this prestigious event and ensuring that we achieve our objectives of enhancing digital banking services”, he added.
KFH participated in a panel discussion entitled ‘The Rise of Digital Banks - Opportunities and Challenges’ during which the impact of digital banking on the Islamic financial industry was discussed in terms of regulatory procedures, business models, human resources and operational efficiency. The panel discussion also covered the extent to which the international financial industry is ready to face digital transformation, in addition to how legitimate requirements stand in the way of the application of digital banking. The link between standards and digital transformations and the opportunities offered by Islamic finance for digital banking and important lessons learned in the field of digital banking were also discussed.
The conference covered several vital topics related to the future of the Islamic financial industry; ‘Learning from Wisdom’, ‘Collaboration between Islamic Finance Infrastructure Institutions: Current Status and the Way Forward’, ‘Islamic Finance Cryptocurrencies- Governing and Regulating Cryptocurrencies’, ’The Rise of Digital Banking- Opportunities and Challenges’, ‘Islamic Finance Landscape in the Next 30 Years, and ‘Impact of VAT on the Islamic Finance Industry’.
Established in 1991 and based in Bahrain, AAOIFI is the leading international not-for-profit organization primarily responsible for the development and issuance of standards for the global Islamic finance industry. The body has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of 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 all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.
Kuwait Finance House (KFH)
KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and customer service.
KFH manages its operations in the GCC, Asia, and Europe through over 480 branches, including KFH-Turkey, in order to offer services for the bank's customers in Turkey, Malaysia, Saudi Arabia, Bahrain, Germany, and the UAE.
KFH's mission is to achieve highest levels of excellence and innovation in the field of customer service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.
KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation, superior customer service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.
For more information, please visit: www.kfh.com
© Press Release 2018