Finance Club News: AAOIFI Islamic Finance Conference - Bahrain
Finance Club News: AAOIFI Islamic Finance Conference - Bahrain
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Under the supervision of the Deanship of Student Affairs, and the support of the Department of Finance at PMU represented by Dr. Yousr Gadhoum Chair of Finance, the Finance Club organized a student trip to Bahrain to attend the 15th Islamic Finance Conference organized by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) in Bahrain.

The Islamic finance industry is in watchful anticipation of the forthcoming convention of a major international conference on Shari’ah, governance and related areas, which was organized by (AAOIFI) on Wednesday and Thursday, 12-13 April 2017, at Diplomat Hotel, Manama, Kingdom of Bahrain.

The conference consisted of eight sessions featuring 40 scholars and experts from 16 countries, from around the globe, including GCC region, Egypt, Sudan, Jordan, Syria, Morocco, Tunisia, Algeria, Pakistan, Canada, United States, among others.

The conference was also attended by a host of Islamic finance leaders including prominent scholars, Fuqaha, bankers, experts, lawyers, accounting professionals, senior managements of central banks and regulatory and supervisory authorities, academicians, and media people, etc. It also featured attendance by a number of ministers, ambassadors, CEOs of Islamic financial institutions and research and training centers and consultancies and representatives of international and regional organizations.

A number of Fiqhi, legal, and governance-related topics were discussed at this year’s conference by a host of distinguished professionals with vast knowledge and expertise relating to these topics, both from theoretical and practical perspectives, including regulatory and supervisory framework for the Islamic finance industry and its distinctive features vis-à-vis its conventional counterpart, Fiqhi and legal identification of agreements, contracts, across various legal regimes and schools of law, and from Shari’ah perspective, in addition to specific topics on Shari’ah objectives (Maqasid) and their role in contemporary reasoning (Ijtihad) in the area of jurisprudence of financial transactions.

 The conference also held discussions on dialectic aspects in the relationship between Fiqh and other mundane disciplines such as law, accounting, economics, and finance, and the effects thereof on collective reasoning in the field of contemporary jurisprudence of transactions. The sessions tackled latest developments in the area of re-financing products in banking, including an analytical Fiqhi view on their types and newly emerging issues, as well a discussion on a key development in the area of Islamic finance governance exemplified in external Shari’ah audit and the main global best practices in this discipline, in addition to its evaluation and prospects of the relevant AAOIFI’s governance standard in this regard.

Last but not least, the conference turned the spotlight on the applicability of collective reasoning on newly emerging issues within the Islamic finance industry, as tackled with approaches ranging between audacity and rigidity, and modern applications.

The opening ceremony featured the launch of landmark initiatives already announced by AAOIFI, including rolling out of the official printed version of AAOIFI’s Shari’ah standards in French and Russian, as well as the new version of CIPA professional fellowship program, where conference participants were able to comprehensively cognize of and register in.

Moreover, at the opening ceremony, AAOIFI announced and introduced a milestone initiative with a global reach and implication that is expected to serve the broader Waqf industry, worldwide.

This international conference provided PMU students a better knowledge on Islamic Finance and represented a valuable exposure towards Career opportunities.

The Isocial club would like to thank all the Finance Faculty who supported this trip and encouraged their students to take part in it