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Islamic Finance in the Post Oil Economic Scenario theme for AAOIFI-World Bank Annual Conference
The conference will have a face-to-face session with that figure besides honouring him. Additionally, the conference will provide updates on certain key standard development areas.
The conference will also discuss the effects on Islamic finance strategies of the changing economic environment, the role of Islamic finance with the governments in the changing economic environment and considering the Islamic agri-finance as the next destination.
The conference is also part of AAOIFI’s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Shari'ah, accounting, auditing, ethics and governance. Key standard development topics will include the setup and standardisation for central Shari’ah boards, fair value and impairment and the effects of IFRS nine on the Islamic finance industry and the debut of gold products in Islamic finance and the upcoming AAOIFI Shari’ah standard on gold.
Participants at the conference comprise Shari'ah scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and other Islamic finance industry stakeholders from the across the world.
HE Sh. Ebrahim bin Khalifa Al Khalifa, Chairman Board of Trustees, AAOIFI explained that “the Islamic finance market is based on real economy and hence is wholly dependent on the economic movements. The declining oil prices and the planning for post-oil economic scenario for the regional governments has put Islamic finance to re-think on its strategies and short to medium term business targets. It needs to engage more on the macro side with the governments for infrastructure financing and bridging the budgetary deficits through Shari’ah compliant institutions; and on the micro side on the new areas of financing including SME, micro and agri finance.”
Dr. Hamed Merah, Secretary General, AAOIFI said that “the focus of the conference will be the thought process of Islamic finance for the strategies to be developed for the new economic environment. We are looking forward to having the vision of some of the most prominent experts of the field to guide the industry in these times.”
Following the conference, AAOIFI will hold training sessions for its Certified Shari'ah Adviser and Auditor (CSAA) qualification programme. CSAA is one of AAOIFI’s benchmark qualifications designed for Islamic finance professionals to gain technical understanding and assist application of AAOIFI standards in Islamic finance operations.
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