AAOIFI Signs Four MoUs to Strengthen Global Islamic Finance Cooperation
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has concluded its 24th Annual Shari’ah Boards Conference in Bahrain, bringing together around 1,000 scholars, regulators and Islamic finance experts in person, while more than 4,000 participants attended online. Held on October 11 and 12 at the Crowne Plaza Hotel, the conference was organised with the support of the Central Bank of Bahrain and several sponsoring institutions.
The conference provided a platform for discussions on key Shari’ah and technical issues affecting the global Islamic finance industry. Five specialised sessions covered the alignment of AAOIFI Shari’ah Standards with legal systems, the calculation of direct lending costs, Islamic and conventional syndicated financing arrangements, changes affecting contracts and financial obligations, and the exchange of value under binding commitments.
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The opening ceremony featured speeches by senior officials, including AAOIFI Board of Trustees Chairman Shaikh Ebrahim bin Khalifa Al Khalifa and AAOIFI Secretary General Omar Mustafa Ansari. The conference also marked AAOIFI’s 35th anniversary, highlighting its contribution to developing and harmonising Islamic finance standards. During the event, AAOIFI signed four memoranda of understanding with the Financial Reporting Council of Nigeria, the Union of Arab Securities Authorities, the Chamber of Auditors of Uzbekistan and IDENFO to strengthen international cooperation.
AAOIFI continues to play a significant role in promoting Shari’ah compliance and governance in Islamic finance, with its standards adopted or recognised by approximately 50 regulatory and supervisory authorities across more than 40 countries. The conference proceedings were conducted in Arabic, with simultaneous interpretation into English and Urdu, and streamed online through AAOIFI’s digital platforms, expanding access to participants worldwide.
