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CEIF-IBA launches course on AAOIFI Shariah Standards

CEIF-IBA launches course on AAOIFI Shariah Standards




RECORDER REPORT

KARACHI: IBA Centre for Excellence in Islamic Finance (CEIF-IBA) in collaboration with Dubai Islamic Bank Pakistan Limited has launched a six-month intensive course on the AAOIFI Shariah Standards.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shariah standards for Islamic financial institutions and the industry.

The AAOIFI Shariah standards have been made part of mandatory regulatory requirement in jurisdictions such as Bahrain, Oman, Pakistan, Sudan, and Syria. They have also been adopted by the Islamic Development Bank Group, a multilateral institution, and used as basis of national Shariah guidelines in jurisdictions such as Indonesia and Malaysia.

The current volume of Shariah Standards has become the most prominent compilation of contemporary Fiqh reasoning in the area of Fiqh al-Mua’amalt (Jurisprudence of Financial Transactions) around the globe.

These standards are rightfully a major hallmark for the Islamic finance industry and one of the organization’s principal accomplishments. The standards cover a large array of Islamic financial contracts and products, including those pertaining to banking, Islamic insurance, investment banking, capital markets, financing, and so on.

CEIF believes that this unique course will provide extensive knowledge to Industry Human Resource regarding essential Shariah Standards / Principles in different Islamic modes and financing facilities with their practical applicability, issues faced in practical execution and continuous monitoring of every individual transaction.

The course was inaugurated by Ahmed Ali Siddiqui, the Director of the Centre, Mufti Hassaan Kaleem, Resident Shariah Board Member, DIBPL, and Zubair Haider Shaikh, Head of Corporate and Investment Banking and Cash Management, DIBPL.



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