12 November 2008 DOHA: QIB QIB sponsored the annual Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) conference co-hosted by World Bank that took place in Manama, Kingdom of Bahrain for the last two days.

The conference, led by distinguished and prominent Shariah' scholars and industry representatives, is designed to provide a platform through which the Islamic finance industry can address pertinent issues and promote a harmonisation of global Shariah-compliant practices.

Commenting on QIB QIB 's involvement with this influential and essential organisation and conference, QIB QIB CEO, Salah Jaidah, said, "Islamic finance is such a rapidly developing and expanding banking sector and its standards and codes must evolve also, while staying true to its Shariah-compliant, ethical foundation. As an emergent business sector, Islamic finance needs a guiding body to give shape to the market and define the characteristics of the industry. QIB QIB is keen to sponsor this conference that will help provide a stronger basis for the continuing development of the industry."

Amer Al Jabry, QIB QIB Executive Manager, Retail Banking, said of the influence of the AAOIFI AAOIFI and World Bank conference, "The AAOIFI AAOIFI and the World Bank took a great leap by gathering the major Finance and Bank entities in this conference, to set new standards and ethical codes for Islamic Financial Institutions. The decisions made at this conference (That discussed and proved the importance of implementing Shariah codes in banking sector) are expected to push forward and direct the path of the Islamic finance industry's growth, and this influence will be felt worldwide as the concept of ethical banking continues to develop and expand.

The AAOIFI AAOIFI and World Bank conference is held each year to consider the emerging requirements and needs of Islamic financial institutions over the world, and to address issues that have arisen as the Islamic banking sector has steadily grown.

Topics that were addressed at the conference included, international accounting standards, the industry's Takaful opportunities, capital market and investment management, Sukuk and Islamic securitisation, and debt trading. QIB QIB participated in the conference and Networking with a distinguished delegation representing Finance department, Shariah Advisory Board and Public Relations.

© The Peninsula 2008 & omar 1.1:zy