Commerce Desk
Karachi: The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) concluded its 24th Annual Shari’ah Boards Conference on 11-12 October at the Crowne Plaza in Bahrain, held with the support of the Central Bank of Bahrain. Around 1,000 scholars, regulators and Islamic finance experts attended in person, and more than 4,000 followed online.
The conference, a long-established platform for harmonising Shari’ah opinion and strengthening compliance governance, held five specialised sessions. Topics included aligning AAOIFI Shari’ah Standards with legal systems, estimating the actual direct cost of lending, controls on dual-tranche syndicated financings combining Islamic and conventional tranches, the effect of newly arising circumstances on contracts, and exchanging value against a binding commitment. It ended with closing remarks and the AAOIFI General Assembly.
Keynote speakers included AAOIFI Board of Trustees Chairman Shaikh Ebrahim bin Khalifa Al Khalifa, who noted that this year’s event coincides with AAOIFI’s 35th anniversary.
AAOIFI signed MoUs with the Financial Reporting Council of Nigeria, the Union of Arab Securities Authorities, the Chamber of Auditors of Uzbekistan and IDENFO.
AAOIFI’s standards are adopted or recognised by about 50 authorities in over 40 countries. Proceedings were interpreted from Arabic into English and Urdu and streamed live.
