Manama: Gold sponsorship of the Annual Shariah Conference has been announced by the Kuwait Finance House – Bahrain (KFH-Bahrain) during the conference that took place between 15 and 16 of April at the Diplomat Hotel in Manama, Kingdom of Bahrain.
The Conference was held under the patronage of Central Bank of Bahrain and organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates standards on accounting, auditing, ethics, governance and Shariah for the international Islamic finance industry.
AbdulhakeemAlkhayyat, Managing Director and CEO of KFH-Bahrain, stated in a press release, “KFH-Bahrain recognizes the importance of such conferences that aim to enrich the field of Islamic banking through the discussion of topics related to the business. This year’s conference provided an essential forum to meet and discuss various key issues among participants and specialists from Islamic banks and financial institutions.”
“The AAOIFI continues to lead the way by gathering the major financial institutions together and set new standards and best practices for Islamic financial institutions. The valuable discussions held during the sessions will help steer the Islamic finance industry towards growth and this influence will be felt worldwide as the concept of ethical banking continues to develop and expand,” he added.
Amongst the topics being discussed at the conference were: The Role of Maqassed Al Shariah (Intents of Shariah) in directing Islamic contracts, Sukuk and products, the differences between Assets backed securities and Assets based securities, the relationship between Assets and their inherent risks, Special purpose vehicle (SPV) and its role in Sukuk structures, the effects of non-registration of leased assets in lessor’s books from Shariah, legal and accounting perspectives, stipulations of Lender’s benefits from loans and the effect of bankruptcy on restricted investment account holders (RIAH).