KFH participates in AAOIFI Conference in Bahrain

Group delegation encompassed senior sharia and banking experts

Kuwait Finance House (KFH) participated in the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI’s and World Bank’s 11th annual conference for Islamic Banking and Finance organized jointly by the (AAOIFI), the Central Bank of Bahrain (CBB) and the World Bank Group, under a major sponsorship of KFH Group. The two-day conference convened in Bahrain under the theme “Islamic Finance in the Post Oil Economic Scenario” brought under its umbrella senior Sharia scholars and experts in the field of Islamic Banking.

KFH delegation encompassed senior sharia and banking executives from KFH and KFHBahrain represented by KFH Board Member Noor Alrahman Abed, CEO KFH- Bahrain Abdulhakeem Alkhayyat, Sharia Supervisory Board Chairman Dr. Sayyed Mohammad AlSayyid Abdul Razzaq Al-Tabtaba’e, and Group Chief Financial Officer Shadi Zahran, in addition to a number of executives at the bank.

Alkhayyat received the ‘Shield of Honor’ from Sheikh Ebrahim Bin Khalifa Al-Khalifa the Chairman of Board of Trustees, AAOIFI. The conference sessions focused on the post oil economic scenario of the Muslim world and its impacts on the Islamic finance industry globally, in general and in the region in particular. The conference also honored a key figure from the Islamic Finance industry.

Moreover, the conference discussed the effects on Islamic finance strategies of the changing economic environment, and the role of Islamic finance with the governments in the changing economic environment. The 6 sessions discussed topics of the Islamic agrifinance, effects of IFRS 9 on the Islamic finance industry and the debut of gold products in Islamic finance and the upcoming AAOIFI Sharia standard on gold.

It is noteworthy that the conference is part of AAOIFI’s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, governance and ethics of Islamic finance.