Special Features

DIEDC, AAOIFI ink agreement to collaborate on Islamic finance standards

The Dubai Islamic Economy Development Centre, DIEDC, and the Accounting and Auditing Organisation for Islamic Financial Institutions, AAOIFI, signed a Memorandum of Understanding, MoU, to explore the latest developments, risks and challenges in Islamic finance. The signing ceremony was the highlight of the AAOIFI-World Bank 14th Annual Conference. Organised by the AAOIFI in cooperation with the World Bank, the two-day event ran from 3rd to 4th November, 2019 in Bahrain under the theme, "Revolutionary Changes in Global Islamic Finance Ecosystem: Need for Governance, Standardisation and Regulatory Support". 

Under the agreement, the two parties aim to conduct joint capacity-building programmes related to the AAOIFI standards in various jurisdictions, especially in markets new to Islamic banking and finance. The DIEDC and the AAOIFI also seek to assist in the exchange of information, host events focused on areas of mutual interest, and promote activities to their members and wider networks. 

In his speech at the conference, Abdulla Mohammed Al Awar, CEO of the DIEDC, expressed his pleasure at cooperating with the AAOIFI. "The partnership between the two entities will significantly serve the Islamic finance sector, thanks to their shared objectives of promoting sustainable growth and paving the way for the next phase of development and prosperity. The DIEDC is keen to continue expanding its strategic partner base through such agreements, with the aim of further developing the Islamic economy and achieving its overall objectives," he said. 

Secretary-General of the AAOIFI, Omar Mustafa Ansar, stated that the AAOIFI is pleased to sign the MoU with the DIEDC and hoped that together they would be able to enhance awareness on the standards issued by the AAOIFI for the development of the Islamic finance industry globally. 

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