29 Dec, 2022
The Islamic Development Bank Institute (IsDBI) and the Arab Monetary Fund (AMF) jointly organized a virtual training program entitled “The Operational Aspects of Accounting Standards of Islamic Financial Institutions”.
Held from 19-22 December 2022, the program was organized within the framework of a collaboration between IsDBI and AMF to support common member countries of the Islamic Development Bank and AMF.
The program aimed to build the capacity of professionals engaged in financial and accounting transactions in Arab countries with different levels of knowledge and skills in operational aspects in relation to the accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Forty participants attended the program from various Arab countries.
Twelve training sessions were conducted, starting with introducing financial accounting in Islam and defining and clarifying the used method for releasing AAOIFI’s accounting standards.
The training covered various subjects of accounting standards with a variety of practical illustrative examples. These included accounting standards of investment accounts, Al-Murabahah sale, deferred payment sale, Al-Mudharabah financing, Al-Musharakah financing, lease ending with asset ownership, Al-Istisna’ and parallel of Al-Istisna’ sale, distribution of profits, and financial statements in Islamic banks.
Dr. Hussein Samhan, a Professor of Accounting at Zarqa University, Jordan, delivered the training sessions and led the discussions with the participants. Dr. Samhan is also a seasoned trainer in the area of accounting and accounting standards.