"The new AAOIFI standards were set in place to enhance standardisation and harmony in accounting for Islamic financial transactions," said BIBF faculty and AAOIFI standards auditing committee member
Shaikh Esaam was speaking during a Press conference on the BIBF premises in Juffair.
According to him, the standardisation not only creates trust and confidence in Islamic institutions and the industry as a whole, but also encourages trade and investment, benefiting the local, regional and global economy.
"To meet the rising demand and help professionals gain a better understanding of the new standards, BIBF is conducting a training course from
"The course seeks to clarify the applications of new standards in common Islamic banking tools, as well as explaining their legal implications.
"BIBF boasts the most robust range of Islamic finance training and educational offerings in the world, and is the content provider of choice for global institutions, including professional associations and leading universities.
"As such, BIBF continues to play a critical role in the development of human capacity for the Islamic finance industry, with focus on a practitioner's perspective that enables Islamic financial institutions to achieve their growth potential," said
"The growth of the industry is expected to remain higher than other segments of the global financial sector, supported by very favourable demographics.
According to a paper presented by the BIBF at the
The industry's growth, which is around 15 per cent per year, will create an estimated 250,000 to one million professional Islamic finance jobs worldwide by 2020.
"In order to support the growth of the international Islamic finance industry, the standards development process must be robust and accompanied by effective consultation with the industry and esteemed Sharia scholars," said
"With BIBF's support, AAOIFI is committed to developing and issuing high-quality standards, and sharing this knowledge and expertise with our global partners," he added. firstname.lastname@example.org
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