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Latest news:
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AAOIFI Wins Islamic Finance Award, 15 April
2008
Accounting and Auditing Organization for
Islamic Financial Institutions (AAOIFI) was
awarded the prestigious Award for Continuing
Contribution in Promoting Islamic Finance at
the International Islamic Finance Forum,
under the patronage of His Highness Sheikh
Mohammed Bin Rashid Al Maktoum, Vice
President and Prime Minister of United Arab
Emirates and Ruler of Dubai.
Dr Mohamed Nedal Alchaar, Secretary General
of AAOIFI received the award at the Awards
Gala Lunch in Dubai. He remarked that the
award is a testimony of AAOIFI’s significant
achievement in formulating international
Islamic standards that have introduced
greater harmonization of Islamic finance
practices and transparency in financial
reports of Islamic financial institutions.
AAOIFI is the international organization
responsible for development and issuance of
standards on accounting, auditing, ethics,
governance, and Shari’a. It has issued a
total of 68 standards covering the whole
range of Islamic finance practices that are
accepted globally. The standards are used
in all the leading jurisdictions that offer
Islamic finance including Bahrain, Dubai
International Finance Centre, Kuwait,
Lebanon, Malaysia, Pakistan, Qatar, Saudi
Arabia, Sudan, Syria, and United Arab
Emirates.
“The advantages and benefits of Islamic
finance are embedded in the Shari’a
principles for Islamic finance. In order to
ensure that these advantages and benefits
are incorporated in Islamic finance
practices, the Shari’a principles must be
adhered to. AAOIFI standards ensure Islamic
financial institutions comply to Shari’a and
facilitate their product development
processes. The standards also introduce
greater clarity to the financial reporting
of Islamic financial institutions.” said Dr.
Mohamed Nedal Alchaar, the Secretary –
General of AAOIFI.
AAOIFI, based in Bahrain, is supported by
over 170 institutional members comprising
central banks and monetary authorities,
financial institutions, accounting and
auditing firms, and other Islamic finance
service providers, from over 35 countries.
In order to promote wider adoption and
technical application of the standards,
AAOIFI offers professional development
programs such as the Certified Shari’a
Adviser and Auditor (CSAA) and Certified
Islamic Professional Accountant (CIPA).
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Contract compliance certification program
AAOIFI is introducing a program to certify
financial contracts between Islamic
financial institutions and their clients
comply to AAOIFI’s standards – particularly
Shari’a standards.
The objectives of the program are to
increase awareness of AAOIFI’s standards, to
promote compliance to AAOIFI’s standards,
and to introduce harmonization of Islamic
finance practices. The certification will
assist Islamic financial institutions in
marketing Shari’a-compliant products to
their customers and will provide independent
endorsement on the institution’s Shari’a
compliance.
The program is currently being developed in
consultation with AAOIFI’s Shari’a Board and
Accounting & Auditing Standards Board.
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Results of CIPA 2nd intake exam announced,
Manama, 15 July 2007
Certified Islamic Professional Accounts
(CIPA) is AAOIFI’s professional
qualification program focussing on
accountancy for the international Islamic
banking and finance industry.The 2nd intake
of CIPA was accepted into the program at the
end of 2006 and training sessions were held
in early 2007. Around 150 candidates
registered for the program, from across the
Middle East, Asia, and Europe. In addition
to Bahrain, training sessions for the 2nd
intake were also held – in collaboration
with central banks and other institutions –
in UAE and Egypt. Subsequent to the
training sessions, examinations were carried
out in May 2007. Results of the CIPA
examinations for the 2nd intake have been
announced to the candidates. A graduation
ceremony will be held on 18 November 2007 –
during the opening ceremony of AAOIFI –
World Bank Conference on Islamic Banking and
Finance – in the Diplomat Hotel, Manama,
Bahrain. Successful candidates from the 2nd
intake will receive their certificates
during the ceremony.
Meanwhile, registration for the 3rd intake
of the CIPA program has been open. Training
sessions in Bahrain will be held from 20 to
25 November 2007, following the AAOIFI –
World Bank Conference.
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Certified Shari'a Adviser and Auditor
Program launched, Manama, August 2007
CSAA program, a new professional
qualification program launched by AAOIFI, is designed to equip candidates
with the requisite technical understanding
and professional skills on Shari’a
compliance and review processes for the
international Islamic banking and finance
industry. The newly endorsed CSAA program
covers technical subjects that are essential
to Shari’a compliance and review processes
for the international Islamic banking and
finance industry, and touches on AAOIFI's
Shari'a Standards on Islamic finance
products and practices, in addition to the
Shari'a basis for such.
AAOIFI’s
Governance standards on Shari’a compliance
and review processes are among subjects
presented and duly handled throughout CSAA.
The program embarks, as well, on Islamic
banking and finance supervision (including
regulatory and external supervision,
internal review, and application of AAOIFI’s
standards and Shari'a compliance and review
procedures (including on planning,
operations, documentation, and reporting).
Application of Shari’a and Fiqh (Islamic
jurisprudence) to Islamic banking and
finance practices and
operational
structures for Shari’a compliance and review
are crucial components of the program which
is developed and the certification thereof
is endorsed by AAOIFI's Shari'a Board (see
the Shari'a
Board). [For more information, contact:
csaa@aaoifi.com
]. Registration for the first intake of the
CSAA program has been open and it is
currently offered in Arabic, only. Training
sessions in Bahrain will be held from 20 to
25 November 2007, following the AAOIFI -
World Bank Conference.
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