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IsDBI and Arab Monetary Fund Organize Third Session of Capacity Building Program on AAOIFI Accounting Standards

15 Mar, 2024

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The Islamic Development Bank Institute (IsDBI) and the Capacity Building and Training Institute of the Arab Monetary Fund (AMF) have jointly organized the third program in a series of three virtual training programs covering all accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Titled “The Operational Aspects of Accounting Standards of Islamic Financial Institutions”, the series is organized as part of an ongoing strategic collaboration between the two institutions to support common member countries of the Islamic Development Bank and AMF.

The programs aim at building the capacity of professionals engaged in financial and accounting transactions in Arab countries with different levels of knowledge and skills of operational and theoretical aspects of AAOIFI’s accounting standards.

The third program was held from 4-7 March 2024, with 24 participants from various Arab countries. Twelve training sessions were conducted covering various topics of accounting standards injected with various operational instances and business cases.

The training included accounting standards of reserves, presentation, and disclosure, and financial reports on Islamic financial services offered by conventional financial institutions and Islamic insurance companies. It also covered contributions and disclosure of bases for determining and allocating surplus or deficit in Islamic insurance companies.

Dr. Hussein Samhan, a Professor of Accounting and a former member of AAOIFI’s Accounting Board, delivered the training sessions, presented and solved take-home business cases, and led the discussions with the participants.

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