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AAOIFI and IsDB Successfully Held 18th Annual Islamic Banking and Finance Conference

07 Dec, 2023

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Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank (IsDB), represented by the IsDB Institute, successfully held the 18th AAOIFI-IsDB Annual Islamic Banking and Finance Conference in the Kingdom of Bahrain.

Themed “Strategies for Impending Economic Slowdown and a Post-Oil World: Through Economic Diversification and Leveraging Islamic Finance”, the conference was organized under the auspices of the Central Bank of Bahrain on 29-30 November 2023.

More than 770 delegates from over 35 countries attended the conference, with an equivalent number of participants engaging in the proceedings virtually. Among the participants were the representatives of 23 regulatory and supervisory authorities such as Bank of Russia, Reserve Bank of South Africa, Insurance Regulatory Authority of Uganda, Capital Markets Authority of Saudi Arabia, Qatar Financial Centre Regulatory Authority (QFCRA), Maldives Monetary Authority and National Bank of Tajikistan. The conference proceedings spanned seven sessions and featured 42 speakers, including keynote addresses.

The opening ceremony was graced by keynote speeches from H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees; H.E. Mr. Ahmed bin Ahmed Ghaleb Al-Maabqi, Governor, Central Bank of Yemen; H.E. Dr. Wassim Manssouri, Vice Governor, Banque Du Liban; H.E. Mr. Lamido Yuguda, Director General, Securities and Exchange Commission of Nigeria; and Dr. Sami Al-Suwailem, Acting Director General, IsDBI.

H.E. Shaikh Mohammed Bin Khalifa Al Khalifa presented insights into building resilient economies, robust financial system, protecting the environment and fostering inclusive and prosperous societies by leveraging the objectives, values, principles and rules of Islamic sustainable finance.

The speakers included industry experts, Shari’ah scholars, regulators, policymakers, bankers, international services providers, among others. They deliberated a range of pertinent topics such as the role of Islamic finance and Islamic fintech in diversifying the economic activity in the Muslim-majority countries, the opportunities and challenges presented by high benchmark rates for Islamic finance, and the application of Islamic finance in infrastructure development for combatting climate change.

In addition, there were special sessions devoted to emerging Islamic finance issues and AAOIFI standards, such as those concerning the investment accounts of Islamic financial institutions, the Shari’ah compliance and governance challenges confronting Sukuk and hyperinflation accounting for Islamic finance.

The Central Bank of Bahrain supported the conference. Major partners included Kuwait Finance House (KFH), Jumhouria Bank from Libya and Saudi National Bank (SNB). The gold partners included Khaleeji Commercial Bank, Al Baraka Banking Group, Abu Dhabi Islamic Bank (ADIB), Bahrain Islamic Bank (BiSB) and Al Salam Bank. Silver partners included DDCAP Group, EiGER and Fitch Ratings. Azentio was the technology partner.

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