The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank (IsDB), represented by the IsDB Institute, successfully hosted the 19^th AAOIFI-IsDB Annual Islamic Banking and Finance Conference on 3-4 November 2024 in the Kingdom of Bahrain.

The conference, themed: "Leveraging Islamic Finance to Build a Sustainable, Efficient, and Resilient Halal Ecosystem for Muslim Economies," was organized with support of the Central Bank of Bahrain and with sponsorship of numerous Islamic banks and financial institution.

Key partners included Jumhouria Bank (Libya), Kuwait Finance House (KFH), and Saudi National Bank (SNB), alongside gold partners such as Khaleeji Commercial Bank, Al Baraka Banking Group, Abu Dhabi Islamic Bank (ADIB), Warba Bank, Bahrain Islamic Bank (BiSB), and EiGER.

The conference brought together over 800 delegates from more than 35 countries, with approximately 700 virtual participants. It showcased high-level representation from the Republic of Tatarstan led by H.E. the Rais (Head) Mr. Roustam Minnikhanov and the accompanying delegation that included the Deputy Prime Minister and Minister of Economy and the head of the Tatarstan Investment Development Authority (TIDA). Other key attendees represented over 30 regulatory and supervisory authorities worldwide, including the Bank of Russia, Da Afghanistan Bank, Central Bank of Oman, and Central Bank of Iraq.

The opening ceremony featured keynote and special addresses delivered by H.E. Shaikh Ebrahim Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, H.E. Mr. Roustam Minnikhanov, Rais of the Republic of Tatarstan, H.E. Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute (IsDBI), Kingdom of Saudi Arabia, and H.E. Noor Ahmad Agha, Acting Governor of Da Afghanistan Bank, Islamic Emirates of Afghanistan.

In his address, H.E. Shaikh Ebrahim Al Khalifah emphasized the need for a visionary approach to foster a sustainable, efficient, and resilient Halal ecosystem, enhancing economic diversity and leveraging the potential of youth and women entrepreneurs. He underscored AAOIFI's commitment to establishing a solid foundation for economic resilience, stating, "We are considering taking visionary steps to secure the future of our nations and our people against all forms of threats."

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, in his keynote speech, stated, “Through a shared vision and dedicated collaboration between AAOIFI and IsDBI, we are working toward equipping professionals in Islamic finance with the knowledge, resources, and support needed to advance our collective goals. The AAOIFI-IsDB conference and the Capacity Building Week have proved invaluable in empowering industry stakeholders, from regulatory bodies to practitioners and professionals, to effectively implement AAOIFI standards and elevate the quality of Islamic finance globally”.

Over the course of two days, distinguished industry experts, Shari’ah scholars, regulators, policymakers, ‎academics, and international service providers engaged in insightful discussions. They addressed a ‎variety of significant topics, such as leveraging Islamic finance to transition from Halal finance to Halal ecosystem, and role of Islamic finance in establishing sustainable supply chains and ensuring food security in Muslim-majority countries. Special sessions also delved into the challenges of converting conventional banks and financial systems to Islamic finance and delineated AAOIFI's roadmap for embedding sustainability within Islamic finance practices.

The conference encompassed a series of capacity building initiatives taken by AAOIFI with kind support of the Islamic Development Bank Institute (IsDBI). Such initiatives included the 2^nd AAOIFI-IsDB Capacity Building Week (CBW), held between 2-8 November 2024 in the Kingdom of Bahrain, covering an array of core topics in Islamic finance, built on the CBW inaugural success from last year.

The CBW featured a total of 25 workshops comprising 54 sessions via hybrid model, including over 200 physical and virtual participants from more than 30 countries. Attendees had the opportunity to benefit from the expertise of 30 global experts and trainers, presenting in multiple languages. The CBW training partners included Bank Nizwa, Harwood Capital LLP and HEJAZ.

The opening ceremony of CBW, held on 2 November 2024, attended by a large number of participants, including keynote speakers Mr. Omar Mustafa Ansari, AAOIFI’s Secretary General, and Dr. Abozer Mohamed, a Senior Islamic Finance Specialist at IsDBI, and representatives of the training partners.

An innovative feature of the 2^nd CBW was the introduction of a comprehensive "Training of Trainers" (TOT) workshop, supported by IsDBI. The three-day workshop included six sessions, facilitated by senior experienced trainers, and attended by 30 participants from around the globe.