AAOIFI - IsDB 15th Annual Conference · 2021. 2. 22. · •This report is based on AAOIFI –IsDB...
Transcript of AAOIFI - IsDB 15th Annual Conference · 2021. 2. 22. · •This report is based on AAOIFI –IsDB...
AAOIFI - IsDB 15th Annual Conference
يمؤتمر أيوف - يالبنك السنويللتنميةالإسلام
يالخامس عش
POST EVENT REPORT
Table of Contents
Disclaimer:
This report has been prepared by AAOIFI for general informational purposes only and is not intended to be relied upon as investment or other
professional advice. The organisation assumes no responsibility or liability for any errors or omissions in the content of this report and do not
accept any liability if this report is used for an alternative purpose from which it is intended, nor to any third party in this respect.
01 Acknowledgements 03
02 Introduction 04
03 Keynote speeches 05
03 Session I – Day 1 11
03 Session II – Day 1 15
04 Special address 19
05 Session III – Day 2 2106 Impact of COVID-19
on IFIs’ ratings
24
06 Session IV – Day 2 26
• This report is based on AAOIFI – IsDB 15th annual conference 2020 held on 14-15 December 2020 organised by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in collaboration with Islamic Development Bank Group (IsDB), Saudi Arabia, under the patronage of Central Bank of Bahrain (CBB).
• The event received institutional support from a number of institutions from around the world including infrastructure bodies, Jersey Finance; banks including – Jumhouria Bank, Ithmaar Bank, Khaleeji Commercial Bank, Bank Nizwa; and other institutions, such as DDCAP Group, UNHCR, TAIF, Cykube, AlHuda CIBE and Cambridge Institute of Islamic Finance.
• The organisers, AAOIFI and IsDB highly appreciates the intellectual contribution of the distinguished speakers and panelists of the event. On behalf of Islamic economics, banking and finance industry, we would like to thank these scholars, and thought leaders who shared their valuable experience and knowledge over the course of the two conference.
• We are also thankful to more than 1,400 attendees of this virtual conference without whose participation the conference would not have been a huge success. Their questions and comments have added a great value to the discussions.
• This report is prepared by AAOIFI Secretariat. For more details on the conference, presentations, papers and videos, please visit: https://conferences.aaoifi.com/
Acknowledgements
• As COVID-19 pandemic continues to have serious implications on the whole humanity in all aspects, it continues to impact negatively the lives of billions of people globally. It is also a challenging time for the global economy as majority of sectors and industries have been affected. Governments and other policymakers around the world have responded with timely measures in pursuit of the economic recovery.
• Islamic financial institutions (IFIs) are expected to play a substantial role during and after the pandemic by differentiating themselves by adhering to Islamic values, with a particular focus on social responsibilities. As such, IFIs have introduced precautionary measures, multilateral institutions like IsDB have launched aid packages for its member countries and Muslim communities in non-member countries.
• The need for financial inclusion, technology solutions and social financing with amplified focus on philanthropy modes, have become even more important in these times.
• The 15th edition of AAOIFI – IsDB Conference shed light on the resilience of Islamic finance principles during these times of COVID-19 and guidance provided by the regulators and standard-setting organizations. In particular, the conference tried to respond to the critical questions such as, what is the role of IFIs and Islamic social finance in response to the COVID-19 pandemic? What is the future of the global economy? What are the areas of growth within Islamic financial sectors post the pandemic, etc.?
• This report summarizes some of the key takeaways of the two-day virtual conference for the benefit of the industry stakeholders.
Introduction
Keynote Speeches
Mr. Omar Mustafa Ansari
Secretary General, AAOIFI
The Secretary General thanked all AAOIFI stakeholders for their
support, cooperation and confidence in AAOIFI, including the Islamic
Development Bank and H.E. Dr. Bandar Hajjar in particular for collaborating
with AAOIFI to hold joint annual conference from this year onwards.
Mr. Ansari expressed heartfelt condolences for the renowned scholars who
passed away this year and said their support and service to the Islamic
finance industry and to AAOIFI will be greatly missed. He informed that
despite the challenges posed by the pandemic, AAOIFI was able to achieve
its set objectives, and he thanked each and every member of AAOIFI
boards, working groups and others for their contribution and support.
The Secretary General stated that one of the significant achievements of
this year has been publishing of the AAOIFI Footprint Report, which
analyses the level of adoption of AAOIFI standards around the globe. He
emphasized on embracing technology in these changing times, and
informed that AAOIFI is developing and will develop more standards in this
important area. He stated that, in addition to Shari’ah compliance, ethics
and values are also important as these are the spirit of Islamic finance. He
emphasized that it is an opportune time for the IF industry to play a role in
KEY TAKEAWAYS FROM THE OPENING SPEECHthe revival of economies in Muslim countries, with tools
such as risk sharing, entrepreneurship model etc. He
added that one of the most important takeaways of the
year 2020 is to renew the ‘objective of life’ (ability to see
and accept things as they are, and responding thoughtfully
and deliberately to people, challenges and opportunities in
life) and plan ahead to achieve individual and institutional
goals.
His Excellency Sheikh Ebrahim Bin Khalifa Al Khalifa
Chairman, AAOIFI Board of Trustees
His Excellency (H.E) expressed honor and satisfaction in having IsDB
as the co-organizer of this conference, which is also one of the founding
fathers of AAOIFI. H.E. also thanked the Central Bank of Bahrain for their
continuing patronage, and AAOIFI’s institutional members, conference
dignitaries, speakers, participants and sponsors, for their cooperation,
contribution, and commitment.
H.E. reiterated the fact that COVID-19 pandemic has impacted both in
negative and positive ways. In terms of the positives for AAOIFI was by far
the confirmation of how robust, flexible, and resilient our standards are in
catering to extraordinary and exceptional events – such as COVID-19
pandemic. AAOIFI standards have proved their worth in providing guidance
where and when needed to a diverse set of stakeholders, reinforced by way
of additional guidance notes.
In terms of the negative impact, it affected the rhythm of work, including
that of AAOIFI. However, this experience reinforces the call of how
important it is for IFIs to look after the well-being of their staff and other
stakeholders. H.E. paid rich tribute to all the luminaries of Islamic finance
who passed away in the year of 2020.
KEY TAKEAWAYS FROM THE WELCOME ADDRESS
H.E. further emphasized that the industry should take
more responsibility to ensure that we continue to fulfill our
roles and play our part in realizing the Islamic finance
dream, and work together and pool our resources for the
greater good.
H.E. stressed the value propositions of Islamic finance
and its ability to forge and leverage collaboration and risk
sharing.
His Excellency Dr. Bandar Hajjar
President, Islamic Development Bank Group (IsDB)
His Excellency stated that the economic and social consequences of
the pandemic affected sectors such as tourism, transportation, etc. which
disrupted the supply and export chains resulting in decrease in reserves of
foreign currencies and foreign remittances, among others.
In response to the COVID-19 crisis, IsDB group launched a program, which
comprises of three stages: Respond, Restore, and Restart, which is backed
by funding of around US$2.3 billion, covering the short, medium and long
terms and focusing on these three pillars. The IsDB also held extensive
meetings with 42 governors along with technical teams from the IsDB
Group and member countries with the aim of comprehending the needs of
the countries and to provide a rapid response to meet their requests.
To ensure transparency and governance of this process, the bank
established a regional blockchain platform, through which transfers and
disbursements were approved. Through the platform, the bank was able to
mobilize resources, including US$10 million from the Arab Coordination
Group.
KEY TAKEAWAYS FROM THE KEYNOTE SPEECH – I
The IsDB Group is currently working on long-term
solutions that focus on helping member countries in
undertaking sustainable socio-economic developments
that can resist disasters of all kinds.
Mr. Khalid Hamad Al-Hamad
Executive Director, Banking Supervision, Central Bank of
Bahrain; Member and Member of AAOIFI Board of Trustees
Mr. Khalid Hamad Al-Hamad echoed the thoughts that the
pandemic had great health, economic and social consequences globally
and that OECD projects a 4.2% contraction of the world’s GDP in 2020 with
more countries falling into recession, despite the support provided by
respective governments and central banks. He stated there is a cautious
optimism about the world economies and that the recovery is likely to be
uneven and gradual.
He stressed, however that there is a silver lining, and the industry should
take advantage of this situation in embracing financial technology
solutions provided by Fintech together with having a customer centric
approach and investing in human resources. Training and retaining
workforces with competence and intelligence will also hold the key on the
road to recovery.
He acknowledged that since 2006, Bahrain-based Waqf Fund has been
doing a phenomenal job for the Islamic finance industry and Bahrain,
supporting specialized professional education and training programmes,
including Masters in Islamic finance and Fintech from recognized
KEY TAKEAWAYS FROM THE KEYNOTE SPEECH – II
universities. He further stated that the initiatives serve to
complement the efforts of Islamic banks and financial
institutions in enhancing the competency level and
upgrading skill sets of their management and staff.
Dr. Qais Al Yahyai,
Executive Vice President, Central Bank of Oman
In his keynote remarks Dr. Yahyai focused on key challenges during
the pandemic and steps taken by the Central Bank of Oman to support
Islamic finance and the financial sector.
He briefed the audience on challenges of COVID-19 and its economic and
social effects on the global stakeholders. He expressed concern that many
people have lost their jobs and a large number of them have been pushed
back into extreme poverty. It also affected the aggregate working hours,
with many other economic and social repercussions. He also cited the
global contraction of the world’s GDP as many countries are on the brink of
default on their repayments. Mr. Yahyai, predicted that the SDGs goals will
now be harder to achieve by the year 2030, such as to ensure healthy life,
quality education and reducing income inequalities etc.
On a brighter side, Mr. Yahyai expressed optimism and stressed that
Islamic finance has the potential to demonstrate practical ways for an
KEY TAKEAWAYS FROM THE KEYNOTE SPEECH – III
equitable and inclusive growth, by: 1. promoting risk-
sharing financing, equity-based financing, 2. exploiting
technology and innovation, 3. supporting SMEs, 4. linking
commercial finance and social finance, such as awqaf-
based sukuk etc.
Session 1
Mr. Khalid Hamad Al-Hamad, Executive Director, Banking Supervision, Central
Bank of Bahrain; Member, AAOIFI Board of Trustees, chaired the session and
introduced the topic to the distinguished session panelists.
The session presented a view that Islamic finance has seen a stable growth for
many years and as such the sentiments of people are positive which points
towards more optimism of the sector. It was discussed that with a paradigm shift
in the way the world is changing global economies have seen many financial and
health crisis in the past. The session discussed how the public money has saved
the banking sector in the past and this time too, it is time for the public to think
and act accordingly. Islamic finance was presented as a perfect solution to fill
the gap between the real economy and financial sector and promote an economy
in which the real economy and financial sector grow together in tandem.
The session acknowledged that Islamic finance industry has huge
accomplishments, for which the industry should be proud of – however there is a
lot to be desired and accomplished. The session opined that Islamic banks came
about to help the financial industry to come out of Riba and that this mission is
still a work-in-progress exercise.
Session 1: Future of Islamic finance in post COVID-19 world: change of business model in consideration of social and economic developments
The session agreed that the industry is innovating and
improving, and it has not reached where it aspires to
reach. COVID-19 a test for all which among others
brought forward the resilience of Islamic finance and
reiterated the direction from the Holy Quran to be
considerate in the financial affairs especially when it
comes to providing relaxation and extending debtor more
time.
The audience were briefed on the growth of Islamic finance in Turkey explaining
that the participation banks are having higher increase in funds compared to
conventional banks, and at the same time the NPL (NPF) is lower even during the
COVID-19 pandemic.
On the topic of Maqasid Shari’ah the need for more active role of the Islamic
finance industry was emphasized in improving our environment. While green
financing is important, many of the Islamic finance markets already are addressing
these factors in a serious way. The session discussed that our industrial areas are
much cleaner than before; besides a lot of achievements, there is a huge work to
be carried out in terms of recognition of Islamic finance globally. The session
regarded mimicking of conventional products as a major mistake. The session
continued discussing that we need to have reforms and move towards the real
economy where job opportunities are created by setting up businesses and
factories. The session agreed that job creation is important and Islamic finance
should play a greater role, such as help in financing establishing of factories, etc.
Session 1: Future of Islamic finance in post COVID-19 world: change of business model in consideration of social and economic developments
During the session, it was explained that the role of regulators is to ensure resilience
of the financial sector which they are striving for, and that Islamic banks may have
weaknesses compared to conventional finance which need to be considered. It was
argued that standardization of practices is important and the role of important
institutions such as IsDB, AAOIFI, IFSB, IIFM etc. is vital to see this through. It was
stated that Islamic banks have layers of governance which provides more
transparency and protection to their customers.
The session concluded with a thought that there is a need for enhanced policies and
procedures due to COVID-19; banking technology has played an important role while
cybersecurity is a reality and will continue to play an important role for some time to
come.
Session 1: Future of Islamic finance in post COVID-19 world: change of business model in consideration of social and economic developments
Session 2
Mr. Mohammad Farrukh Raza, Group CEO, Islamic Finance Advisory & Assurance
Services (IFAAS) and Chairman of AAOIFI Governance and Ethics Board (AGEB),
chaired the session.
The session gave an overview on the COVID-19 related statements issued by
AAOIFI and IFSB to guide the Islamic finance industry including guidance to
tackle the expected credit losses, address investment account holders’ (IAH)
concerns and policies introduced by governments and standard setting bodies, in
addition to have an exit strategy in place, to manage public and industry
expectations.
The session opined that IAH should be ready to take a share in the losses and
added, that all stakeholders’ rights must be protected. In IFSB member
jurisdictions, Islamic social finance tools such as Zakat, Sadaqah and Waqf have
been deployed to support the SMEs that have been affected.
The session further discussed that capacity building for regulators, Shari’ah
scholars as well as the market players, need to be high on priority, in addition to
having close coordination and cooperation among these players, in sharing
information and data to manage any vulnerabilities and risks.
Session 2: COVID-19: Accounting, governance and regulatory impacts
While highlighting the challenges related to governance of IFIs, the session
shared ideas from the guidance provided by AAOIFI’s governance board through
the comprehensive statement issued in view of COVID-19; the important role of
board of directors, payment moratoriums, Shari’ah governance, human resource
management and CSR in these challenging times. While putting the pandemic
crisis into perspective, the session quoted, Banerjee et al. (2020) which estimates
that 50% of firms in 26 advanced countries do not have enough cash to cover
total debt servicing costs over the coming years. The session also briefed on the
opportunities for IFIs post COVID-19 and provided recommendations from the
AGEB’s statement, such as board and executive directors are recommended to
implement crisis management plans; such plans should cover reporting practices
and governance issues; boards are also recommended to emphasize stakeholder
needs and ensure transparent reporting of transactions arising due to the
pandemic; ethical considerations while developing strategies to handle the
pandemic. In addition, Shari’ah boards are advised to develop pro-active
measures to ensure Shari’ah compliance and advocate more robust usage of
Islamic deposit insurance.
Session 2: COVID-19: Accounting, governance and regulatory impacts
On the accounting practices in Saudi Arabia, the session remarked that the banking
sector follows IFRS, and all companies are required to follow IFRS standards. It was
stated that challenges may not be related to accounting but for Shari’ah
compliance, and that the pandemic is having a major impact on the world
economies, regardless of their resilience. It was mentioned that IFRS standards are
being studied from Shari’ah point of view to adapt to the market conditions.
The session further noted that companies in Saudi Arabia, including all banks are
required to have more disclosures in their financial statements, and these are more
than required by IASB, and that SOCPA has studied each standard from Islamic
point of view, and disclosures have been added to the Saudi version of adoption of
IFRS. It was also noted that SOCPA has not done any changes in view of the
pandemic but merely follow the IFRS requirements.
The session discussed that Islamic bank’s balance sheet is characterized by some
unique risks (both on the asset and liability sides), such as IAH account holders,
Ijarah assets, Mudarabah assets etc. and this makes it very much different from the
structure of a conventional financial institution’s balance sheet.
Session 2: COVID-19: Accounting, governance and regulatory impacts
It was highlighted that Shari’ah issues that need to be
looked into such as re-financing and rescheduling
payments (Shari’ah standard no. 59, Sale of debt)
with regards to going concern companies' vs gone
concern companies, and Shari’ah governance on
moratoriums etc.
Special address
Ms. Taliya MinullinaCEO, Tatarstan Investment Development Agency Republic of Tatarstan
Ms. Minullina presented the road map for Halal lifestyle, that included Halal
finance, Halal tourism, Halal production, Halal IT, Halal media, and Halal
fashion. For Islamic finance, the Republic of Tatarstan has numerous solutions
including, Financial House “Amal”, Payzakat and Sadakomats, Housing
Accumulative Cooperatives “Housing Traditions”, Mutual Investment Fund
‘Lale” at PJSC “AK Bars”, AK Bars Islamic mortgage “Murabaha” etc. In
addition to this the Republic has AAOIFI examination center based at the
Russian Islamic Institute.
As part of online projects for developing Islamic finance, it conducts a series of
online interviews with the ambassadors and business representatives of the
OIC countries in Russia. It also engages with numerous industry and academic
institutions to develop the Islamic financial sector in Tatarstan and the region,
including joint programs, events, webinars, and other capacity building
initiatives. For the growth of Islamic finance, it supports the development of
legislation and promote financial literacy among the population.
Special address:
Impact of COVID-19 on Islamic finance in CIS countries and the future
On the brighter side of the COVID-19 pandemic Ms.
Minullina suggested that this is the opportune time to
further develop socially responsible investments sector,
and transition to digital technologies.
On the brighter side of the COVID-19 pandemic Ms.
Minullina suggested that this is the opportune time to
further develop socially responsible investments sector,
and transition to digital technologies.
Session 3
Dr. Walid Hegazy, Managing Partner & co-founder, Hegazy & Partners and Deputy
Chairman member of AGEB chaired the session.
The session started with providing a comprehensive background on Waqf its
growth, significance, its decline and revival, its various benefits, over 100s of
years as well as the distribution of wealth. Additionally, it was highlighted that the
concept and autonomy of Waqf has been successful in secular and Muslim
minority countries, such as Singapore, India etc.
The session provided an overview on the efforts of International Institute of
Islamic Waqf (IIIW) and AAOIFI and other stakeholders in issuing standard of
Waqf, and its salient features, as well as the agility and expansion of Waqf
portfolios, including projects on research and development, capacity building,
Awqaf sustainability, Awqaf legislation, Awqaf portfolio management, Aqwaf
governance etc.
Session 3: Role of Waqf for revitalizing Islamic economic system
The session gave an overview of initiatives of IsDB under Awqaf Properties
Investment Fund (APIF), which are also serving the SDGs. Examples were cited
where Waqf component is added to the projects such as for building universities,
hospitals etc. and generating income from the assets, for operational needs and
also for the maintenance of the Waqf assets and its financial sustainability,
including diversification of Waqf assets, such as 20% in real estate, and the rest
of it in other sectors. The session also emphasized on being innovative and be
able to provide customized solutions. It is not one size fits all.
The session also provided an international perspective from jurisdictional level
and the importance of selecting the right jurisdiction with Trust, Foundation and
Waqf, and emphasized that in jurisdictions where Waqf legislation is absent,
Trusts will be useful in carrying out projects quickly and hassle-free. The session
reiterated that Waqf awareness and understanding of Waqf will help in achieving
the objectives and taking it to the next level.
Session 3: Role of Waqf for revitalizing Islamic economic system
Presentation
Ms. Sabeen Saleem CFA, Chief Executive Officer, Islamic International Rating AgencyKingdom of Bahrain
Ms. Sabeen presented on three key areas, 1. Role of IFIs in absorbing macro
shocks, 2. Policy responses to channel the role of IFIs in stabilizing the economy
and the impact on IFIs, and 3. Its refection on ratings.
She noted that increasing the level of penetration of Takaful is important, which is
weak in most Islamic finance jurisdictions. Ms. Sabeen explained the measures
taken by the regulatory bodies, such as monetary policy and quantitative easing,
including cutting policy rates, liquidity support and minimum finance-asset ratios;
prudential requirements such as help to sustain confidence in the financial
system; and borrower assistance programmes such as credit guarantees,
transferring credit risk in the financial markets on to Takaful or sovereign balance
sheets.
She stated that ratings provide an integrated view on risk and that ratings are not
isolated assessment of any single institution, but as integrated assessment as
the concept of risk itself, such as social risk, institutional (standalone) risk,
systemic risk and sovereign risk. Ms. Sabeen also elucidated the role of IFIs in
absorbing macro shocks and role of Takaful companies during the pandemic.
Presentation:
The impact of COVID-19 on the rating of Islamic financial institutions
She explained the integrated approach for financial
systems and rating agencies, that will enable social
upliftment, economic empowerment, equitable finance.
She emphasized on involved banking (truly participative)
and adherence to Shari’ah, and SDGs driven targets.
Session 4
Mr. Sohaib Umar, Advisor, Islamic Financial Services Department, Central Bank of
Bahrain and member of AGEB, moderated the session and presented the idea of
SGDs and Maqasid al Shari’ah and explained the points of congruence between
them citing various examples from the sources of Shari’ah.
The session discussed the deductive approach of Maqasid al Shari’ah and
stressed on the importance of its application, and that caution should be
exercised in modifying the risk-sharing elements of the rules. The session
pointed out on prioritizing the issues and the level of importance within a
framework of Daruriyyat (essentials), Hajiyyat (complimentary) and Tahsiniyyat
(embellishments) is essential, and that all stakeholders should partake in this
exercise and the regulator should play a role in giving direction to the plans.
The idea that we all owe a debt to the society, and have obligations of fardh-ain
(individual obligation) and fard-kifayah (communal obligation) was reiterated. It
was recommended that government and private sector should come together to
provide a platform to fulfil the objectives of SGDs and Maqasid Al Shari’ah, to
exploit the opportunities at hand.
Session 4:Relationship between SDGs and Maqasid Al Shari’ah and their role in Islamic finance
The session cited examples of value-based intermediation and moving more
towards the concept of Ihsan (perfection, or excellence), and called to have
incentive to progress in this direction and inculcate the right culture, in addition to
having a leadership with this mindset.
The session also opined that it is important to appreciate and involve Maqasid al
Shari’ah in everything we do in our daily life, and stressed on the need to simplify
and educate the importance of these Maqasid. It was proposed that all financial
institutions must have a framework including clear parameters related to all
facets of Maqasid al Shari’ah, and consider them when providing financing for
projects. For example, consider parameters such as loss of biodiversity and
potential loss to humans etc.
The session called for all the stakeholders, including the financial institutions to
take responsibility for others comfort and security, and encourage their
interconnectedness to the society, and that policymakers and leaders have an
opportunity to make a difference, from building the system and policies around
this, till how it is practiced at the ground.
Session 4:Relationship between SDGs and Maqasid Al Shari’ah and their role in Islamic finance
On linking United Nations Sustainable Development Goals with Maqasid Shariah
the session noted that there are 17 SDGs, which have 231 indicators that 196
countries aim to achieve by 2030, and that these provide a clear road map for
institutions to follow and achieve Maqasid Al Shari’ah. The session reiterated the
idea that it is for financial institutions to make a value proposition out of this. At a
broader level it represents ethical and value-based ideas of Shari’ah, and a
comprehensive articulation of alignment of Shari’ah and the impact. The session
recommended that it would be path-breaking idea when banks are measured in
terms of impact that they make on Maqasid al Shari’ah.
The session however, remained optimistic that corporations that are currently not
bound by their corporate vision to achieve Maqasid al Shari’ah would in future
incorporate these in their strategies. The session recommended that these
principles should form part of their memorandum and articles of association or
approved by their board.
Session 4:Relationship between SDGs and Maqasid Al Shari’ah and their role in Islamic finance
• The two-day virtual conference concluded with AAOIFI thanking the co-organizers of the conference – Islamic Development Bank for their unwavering support, as well as the Central Bank of Bahrain for their patronage.
• AAOIFI thanked the dignitaries including H.E. Dr. Bandar Hajjar, President Islamic Development Bank, H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees, Mr. Khalid Hamad Al-Hamad, Executive Director, Banking Supervision, Central Bank of Bahrain, Dr. Qais Al Yahyai, Executive Vice President, Central Bank of Oman and Ms. Taliya Minullina, CEO, Tatarstan Investment Development Agency for delivering keynote speeches at the conference.
• Additionally, the organizers thanked the speakers who joined from different parts of the world to share their knowledge and experience with the audience.
• AAOIFI extended its heartfelt thanks to the sponsors and supported of this conference including Jumhouria Bank, Ithmaar Bank, Khaleeji Commercial Bank, Bank Nizwa; and other institutions, such as DDCAP Group, UNHCR, TAIF, Cykube, AlHuda CIBE and Cambridge Institute of Islamic Finance.
• Lastly, AAOIFI thanked more than 1400 global audience who participated in the two-day event actively.
Concluding remarks
يوالحمدلله يالأولىف
خرةاليوف
+973 17375401
For more information, please contact:
Rizwan Malik, PhD, Senior Manager
Standards Implementation and Strategic Developments
Report on AAOIFI - IsDB 15th Annual Conference 2020