(Ahlul Bayt News Agency) - "We have continued to play a pioneering role in the Islamic finance industry in introducing new concepts as well as formulating rules and standards for Shariah-compliant financial transactions," Khalid Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB) said.
Khalid Hamad, while commenting on the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) Annual Shariah Conference which opens today in Bahrain, said the CBB has always been supporting AAOIFI and its conference as part of its commitment to the industry.
"The CBB wants to see the best practices of Islamic finance implemented by incorporating the AAOIFI standards into the regulatory structure of the Kingdom of Bahrain. Adopting such standards will have a positive impact on the conduct and performance of Islamic financial institutions in the Kingdom," he added.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is hosting the two-day Annual Shariah Conference under the auspices of the CBB at the Gulf Convention Centre, in Manama.
"This conference, which is a premier event for the international Islamic finance industry, brings together leading Shariah scholars, senior representatives of regulatory authorities, and senior Islamic finance practitioners. There are important industry issues that need to be discussed and addressed so that Islamic finance industry can be in a stronger position to realize its full potential. Discussions at the conference will also help AAOIFI in our effort to review and develop international Islamic finance standards," said Mohamad Nedal Alchaar, Secretary General, AAOIFI.
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