Muscat: A recently organized workshop on financial accounting standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) discussed various burning questions on Islamic banking and windows in the capital of Oman, Muscat.
Under the sponsorship of Capital Market Authority (CMA), KPMG in Oman, a leading International firm providing Audit, Tax and Advisory services, organized an intensive 3-day workshop on Financial Accounting Standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on May 26 -28, at CMA Business Hall. This was the latest in a series of Accounting and Auditing Standards workshops that KPMG held earlier and is planning to hold over the coming months.
This workshop brought together people involved with Islamic Banks, Windows, Finance companies, the regulators and the support organizations. AAOIFI Financial Accounting standards are mandatory for Islamic Banks and Windows as prescribed by the Islamic Banking Regulatory Framework (IBRF) recently promulgated by the Central Bank of Oman. The workshop covered AAOIFI Financial Accounting Standards (FAS) encompassing all Islamic Modes of Financing used by the Islamic Banks, Windows and Finance companies.
The participants took active part in the discussions with questions, practical problems and suggestions throughout the workshop which made the workshop highly interactive and interesting.