IsDBI and Arab Monetary Fund Organize Second Training on AAOIFI Accounting Standards

28 Dec, 2023

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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 second training in a series of three virtual programs covering all accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Under the title “The Operational Aspects of Accounting Standards of Islamic Financial Institutions”, the series is 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 to build 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 second training was held from 18-21 December 2023, with 28 participants from various Arab countries.

Twelve sessions were conducted, covering various topics of accounting standards including various operational instances and business cases. This included accounting standards of investing in shares, Sukuk, and real estate clarifying their types, rules for their valid applications, and ways for their accounting treatments. Others are al-Salam and parallel al-Salam sale, credit losses, currency depreciation, and general presentation and disclosures in the financial statements of Islamic banks and financial institutions.

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

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