QInvest, Qatar’s leading investment bank and one of the most prominent Islamic financial institutions in the world, participated in the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) - World Bank Annual Conference on Islamic Banking and Finance on 18 and 19 November 2013 in Manama, Kingdom of Bahrain. The conference was organized in partnership with the World Bank, and was held under the auspices of the Central Bank of Bahrain.
Bernard Barbour, QInvest’s head of legal and compliance, presented the topic of Sharia'a and legal documentation focusing on Sharia'a principles in Islamic financial contracts. Among panel participants, Sheikh Essam Eshaq, AAOIFI member, Mr. Salman Ahmed, Trowers & Hamlins, and Dr Ali Adnan Ibrahim, Al Baraka Banking Group.
Discussions at the conference covered issues relating to development and adoption of international accounting standards for Islamic finance, dynamics of auditing and risks, incorporation of Sharia'a principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital.
AAOIFI Secretary General and CEO, Dr. Khaled Al Fakih, said: "it is critical that the standards must be able to give solid support for the industry to achieve further growth. This naturally calls for AAOIFI to make sure that the standards can be properly applied and that they reflect the continuing evolution of the industry”.
Dr Al Fakih added saying that he hopes to discuss with the industry on ways to improve harmonization of international Islamic finance practices, including on financial reporting and auditing. Additionally, he hoped to discuss the current work that is being done in reviewing some of the existing standards, including those on Takaful and investment management.
A number of research papers were presented and discussed at the Conference by eminent Sharia'a scholars, senior representatives from central banks and regulatory authorities, members of AAOIFI Sharia'a Board as well as AAOIFI Accounting and Auditing Standards Board, and leading Islamic finance practitioners. The Conference was attended by senior representatives of Islamic financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions, and media, from across the world.
This conference is part of AAOIFI 's on-going consultative process with the international Islamic finance industry on the development and review of its standards on Sharia'a, accounting, auditing, ethics and governance.