MUSCAT : A delegation lead by the CEO of Alizz Islamic Bank, Mr. Ali Al Mani members of the Shari’a Supervisory Board of the bank as well as the Shari’a Compliance and Audit Department participated in the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) conference held in the Kingdom of Bahrain. As part of Alizz Islamic Bank’s ‘Empowering the Second Line of Shari’a Supervisory Board Members’ Program to nurture potential candidates for future roles, the two interns from the Office of the Grand Mufti of the Sultanate of Oman were part of the delegation in attending the conference.

The annual AAOIFI conference is of vital significance within the Islamic financial industry. It serves as a platform to address crucial issues and developments pertaining to the industry. The conference aims to enhance the state of the global Islamic financial industry, foster innovative opportunities, and facilitate its expansion worldwide. It also focuses on preserving the industry’s authenticity and adherence to Shari’a principles. The event featured over 35 speakers, including Shari’a scholars, policymakers, and professionals in the field of global Islamic banking and finance, engaging in detailed discussions on a wide range of recent important topics.

Issa bin Salim Al Riyami, Head of the Shari’a Compliance & Audit Department said, “Conferences of this nature hold significant value in sharing knowledge of international Islamic financial practices and reporting of financial institutions. They also provide essential guidance for the best practice of Islamic financial industry and markets. These conferences also play a crucial role in bridging expertise from around the world to set the right standards for Islamic financial institutions, innovative solutions and most importantly focuses on sustainable growth of the industry.”

AAOIFI, is an influential international non-profit organisation that plays a crucial role in supporting Islamic financial institutions. Established in 1991 and headquartered in the Kingdom of Bahrain, it has achieved notable professional milestones including issuing over 100 standards in the fields of Islamic accounting, auditing, work ethics, and governance. These standards include Shari’a standards that have been adopted by central banks and financial authorities in several countries as mandatory or recommended guidelines. The authority has support from various member institutions, including central banks, regulatory bodies, financial institutions, accounting and auditing firms, and legal offices from over 45 countries. Currently, AAOIFI’s standards are implemented by most leading Islamic financial institutions worldwide, contributing to a higher level of consistency in Islamic financial practices worldwide.