Islamic Finance Daily

AAOIFI-SECP Islamic Capital Markets Conference 2023
2023-01-29 08:30 - 17:00 UTC | Serena Hotel, Islamabad, Pakistan
AAOIFI-SECP Islamic Capital Markets Conference 2023
Preamble:
The unprecedented growth of Islamic finance globally has made it a $3.06 trillion industry. The share of Islamic banking is around 69 per cent while Islamic capital markets accounts of 30 per cent and Takaful holds less than 1 per cent market share. Within the capital markets, Sukuk accounts for more than 25 per cent of the market share and remains the most developed and active sector. However, there are other products within the Islamic capital markets that need to be further developed, in particular the Islamic equity market (some of which have been introduced in some countries), which can play an important role in the overall development of the Islamic finance industry globally.
The size of the Islamic finance industry in Pakistan is also estimated to have surpassed $42 billion at the end of 1Q22. The exponential growth of Islamic finance in Pakistan has posed, among other challenges, capacity-building and awareness-creation challenges for the financial market regulators.
The Islamic capital market in Pakistan is witnessing renewed interest in Sukuk issuances and the growth of Islamic mutual funds, pension funds, and REITs. Non-banking institutions like Modarabas, Housing Finance Companies, Microfinance Companies, and other companies offering Islamic financial services, including Takaful and window takaful operators, are making inroads in the Islamic financial services industry in Pakistan. Collectively, these are completing the required Islamic finance system in the country, thereby paving the way for the Islamization of the economy.
Furthermore, in the recent judgement of the Federal Shariat Court of Pakistan (FSC), it has been held that “Riba or interest is prohibited in Islam, including relating to banking transactions,” and it has been directed that the Federal and Provincial Governments complete the necessary legislative amendments in the impugned laws in order to bring such laws or provisions of the laws into conformity with the injunctions of Islam by December 31, 2027. The Government of Pakistan has also constituted a Steering Committee for providing strategic guidance regarding the implementation of the FSC’s judgement.
Recently, SECP has launched a comprehensive diagnostic report on non-bank Islamic finance in Pakistan, and as a result, a comprehensive action plan has been formulated to address key issues, take strategically important steps, and pave the way for the transformation of the Islamic financial system in the country in light of the constitutional requirement and the above-referred FSC’s judgment.
ICM Conference:
In this backdrop and given the increased need for the development of Islamic capital markets globally, AAOIFI will be organising a dedicated annual conference on Islamic capital markets (ICM). The first of these conferences will be organized in collaboration with and hosted by the Securities and Exchange Commission of Pakistan (SECP) in Islamabad in May 2023. The theme of the first conference is “ICM development with ecosystem completion: innovation, growth, and transformation.” The conference shall have local partners including Pakistan Stock Exchange, National Clearing Company, Central Depository Company, AI Meezan Investments, IBA-CEIF, and other Islamic fund managers, Takaful operators, Modaraba institutions, the corporate sector, and non-banking financial institutions.
It has been envisaged to invite dignitaries from both the public and private sectors, including the State Bank of Pakistan (SBP) and the Ministry of Finance, the Board of Investment, Islamic banking institutions, the Islamic capital market, and the Takaful industry, apart from country representatives from the Asian Development Bank (ADB), the World Bank, and the International Monetary Fund (IMF). From the global arena, participation of delegates from the AAOIFI, the Islamic Financial Services Board (IFSB), SC Malaysia, BNM Malaysia, INCEIF, IsDB, ISRA, CMB Turkey, SEO Iran, etc., may also be invited.
Disclaimer:
Islamic Finance Daily (IFD) strives to list authentic and up-to-date Islamic finance events by sourcing information directly from official websites, organizers, and public announcements. While we make reasonable efforts to verify event details at the time of publication, IFD does not guarantee the accuracy, completeness, or timeliness of any event information.
Event details such as dates, times, venues, speakers, pricing, or formats may change at the discretion of the event organizers without prior notice. Islamic Finance Daily is not responsible for any changes, cancellations, postponements, or losses arising from reliance on the information provided.
Visitors are strongly advised to conduct their own due diligence and confirm all details directly with the official event organizers before registering, attending, or making any financial commitments.
All event names, logos, banners, and trademarks remain the property of their respective owners and are used for informational and identification purposes only.

20th annual shariah board conference
2022-05-15 08:00 - 2022-05-16 17:00 | Gulf Hotel, Manama, Bahrain
20th annual shariah board conference 2022
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), under the auspices of the Central Bank of Bahrain will organise the 20th AAOIFI Annual Shari’ah Boards Conference physically on 14-15 Shawwal 1443 AH corresponding to 15-16 May 2022 at Gulf Hotel in the Kingdom of Bahrain.
The two-day conference will have keynote speeches in addition to a number of panel discussions with renowned Shari’ah scholars, policymakers, decision-makers, leaders and other experts in the Islamic finance industry.
The annual conference is considered as one of the most important gatherings in the global Islamic finance industry and this year once again, it is expected to be attended by more than 1000 global stakeholders both physically and virtually. The conference will be officially conducted in Arabic language, while translation in English and other languages will be available.
On this occasion, H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, the Chairman of AAOIFI Board of Trustees stated that “this year AAOIFI celebrates 20 years of organising the most important global conference discussing Shari’ah issues and latest trends within the global Islamic banking and finance industry. We appreciate the support that has been extended by the Central Bank of Bahrain and other stakeholders in organising such an important flagship conference every year since the year 2002. We look forward to welcome our international and local guests at the conference”.
Disclaimer:
Islamic Finance Daily (IFD) strives to list authentic and up-to-date Islamic finance events by sourcing information directly from official websites, organizers, and public announcements. While we make reasonable efforts to verify event details at the time of publication, IFD does not guarantee the accuracy, completeness, or timeliness of any event information.
Event details such as dates, times, venues, speakers, pricing, or formats may change at the discretion of the event organizers without prior notice. Islamic Finance Daily is not responsible for any changes, cancellations, postponements, or losses arising from reliance on the information provided.
Visitors are strongly advised to conduct their own due diligence and confirm all details directly with the official event organizers before registering, attending, or making any financial commitments.
All event names, logos, banners, and trademarks remain the property of their respective owners and are used for informational and identification purposes only.

18th Annual Shari’ah Boards Conference 2020
2020-10-26 08:45 - 13:45 | Held Virtually
18th Annual Shari’ah Boards Conference 2020
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is pleased to announce the 18th Annual Shari’ah Boards Conference to be held virtually under the auspices of Central Bank of Bahrain on 8-9 Rabi Al-Awwal 1442H, 25-26 October 2020.
The annual conference is considered as one of the most important gathering in Islamic finance industry for which Shari’ah scholars, policymakers and decision-makers come together on one platform to deliberate and discuss pressing topics in Islamic finance industry globally. Due to several restrictions imposed by governments around the world due to COVID-19 pandemic and for the benefit of all, this year the conference will be held virtually.
The two-day conference will have keynote speeches in addition to four panel discussions with renowned Shari’ah scholars, leaders and experts in Islamic finance industry. The panel discussions will focus and deliberate on AAOIFI Shari’ah standard 36 “impact of contingent incidents on commitments” in the light of COVID-19, impact of adopting an alternative indicator to LIBOR for Islamic financial transactions, Shari’ah standard 59 “Sale of Debt” (Bay’al-Dain) and its impact on Islamic finance industry and the role of technology in the post COVID-19 world.
On this occasion, H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, the Chairman of AAOIFI Board of Trustees stated that “Shari’ah Board Conference organized by AAOIFI in collaboration with the Central Bank of Bahrain and other Islamic financial institutions has been playing an important role in guiding the Islamic finance industry globally for last 17 years, its role in providing clarification and guidance on key matters is more important during these globally challenging times. We are pleased to bring forth this important conference during these difficult times of COVID-19 pandemic with the support of key institutions and partners.”
The participants at the conference will include, Shari’ah scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities, higher learning institutions, and media, from around the world.
Disclaimer:
Islamic Finance Daily (IFD) strives to list authentic and up-to-date Islamic finance events by sourcing information directly from official websites, organizers, and public announcements. While we make reasonable efforts to verify event details at the time of publication, IFD does not guarantee the accuracy, completeness, or timeliness of any event information.
Event details such as dates, times, venues, speakers, pricing, or formats may change at the discretion of the event organizers without prior notice. Islamic Finance Daily is not responsible for any changes, cancellations, postponements, or losses arising from reliance on the information provided.
Visitors are strongly advised to conduct their own due diligence and confirm all details directly with the official event organizers before registering, attending, or making any financial commitments.
All event names, logos, banners, and trademarks remain the property of their respective owners and are used for informational and identification purposes only.

AAOIFI – World Bank 12th Annual Conference 2017
2019-11-05 08:00 - 2019-11-06 17:00 | Diplomat Hotel, Manama, Bahrain
AAOIFI – World Bank 12th Annual Conference 2017
Towards Qualitative growth and standardization of Islamic Finance
5-6 November 2017, Diplomat Hotel, Manama, Kingdom of Bahrain
Self-evident is the high and rapidly increasing growth rate of the Islamic finance industry, in terms of asset base, scope of financing, and diversity of products as well as geographic spread across Islamic countries and other countries, in addition to the its sophisticated infrastructure and relevant regulations and regimes. All these manifestations have become irrefutably solid facts and realities. In the midst of accompanying jubilation and elation, the current stage would require an increased emphasis on the “qualitative” development of the Islamic finance industry, as might be reflected in its products’ compliance with Shari’ah and its supreme objectives (Maqasid) and noble cause, and a further level of governance and transparency. The industry needs to be further elevated, professionally and institutionally, at the international level, through the development of more professional standards to govern and regulate all its activities and areas of interest and enhance the levels of global adoption and recognition.
In this regard, the 12th edition of AAOIFI-World Bank Conference sheds light on this particular potential from different angles through the lenses of a host of leading experts and scholars, representatives of central banks and regulatory and supervisory authorities, and practitioners.
Disclaimer:
Islamic Finance Daily (IFD) strives to list authentic and up-to-date Islamic finance events by sourcing information directly from official websites, organizers, and public announcements. While we make reasonable efforts to verify event details at the time of publication, IFD does not guarantee the accuracy, completeness, or timeliness of any event information.
Event details such as dates, times, venues, speakers, pricing, or formats may change at the discretion of the event organizers without prior notice. Islamic Finance Daily is not responsible for any changes, cancellations, postponements, or losses arising from reliance on the information provided.
Visitors are strongly advised to conduct their own due diligence and confirm all details directly with the official event organizers before registering, attending, or making any financial commitments.
All event names, logos, banners, and trademarks remain the property of their respective owners and are used for informational and identification purposes only.

AAOIFI-World Bank Annual Islamic Banking and Finance Conference 2019, Edition 14
2019-11-03 08:00 - 2019-11-04 19:30 | Gulf Hotel, Manama, Bahrain
AAOIFI-World Bank Annual Islamic Banking and Finance Conference 2019, Edition 14
The global financial industry has witnessed fluctuations and changes post the financial crisis which
hit the world economies over a decade ago. The stability and growth of the industry has been affected
by various factors and many practitioners are of the view that there is a dire need for more effective
regulations, prudential rules, and stricter polices to safeguard the industry from another turmoil.
The recent developments in FinTech, including but not limited to cryptocurrencies, blockchain
technology, smart contracts, crowd-funding and artificial intelligence introduce new risks to the whole
industry. While the benefits of cost saving and efficiency appeal to many market players and new entrants
alike, these technologies require effective mechanisms to govern their applications.
While the Islamic finance industry is keen to keep pace with the recent developments, additional layers
of challenges and obstacles exist in terms of Shari’ah and governance. The question is how can the players
take the industry to the next level of development and growth without risking its stability in this dynamic
age?
In this regard, the 14th edition of AAOIFI-World Bank Conference sheds light on the need for regulations,
governance and standardization in the industry from different angles through the lenses of a host of
leading experts and scholars, representatives of central banks and regulatory and supervisory authorities,
and practitioners.
AAOIFI-World Bank 14th Annual Islamic Banking and Finance Conference is one of AAOIFI’s flagship conferences. It discusses this year, through six sessions, an array of issues and developments related to the broader Islamic finance industry, including applications pertaining to international Islamic finance products, services and practices as well as continuing innovation in Islamic finance to further support growth and expansion of the industry across the world and to maintain its authenticity and Shari’ah compliance. Participants at the conference comprise a large number of experts, scholars and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities, higher education institutions, and the media, from the Middle East, Africa, Asia, Europe and North America.
Disclaimer:
Islamic Finance Daily (IFD) strives to list authentic and up-to-date Islamic finance events by sourcing information directly from official websites, organizers, and public announcements. While we make reasonable efforts to verify event details at the time of publication, IFD does not guarantee the accuracy, completeness, or timeliness of any event information.
Event details such as dates, times, venues, speakers, pricing, or formats may change at the discretion of the event organizers without prior notice. Islamic Finance Daily is not responsible for any changes, cancellations, postponements, or losses arising from reliance on the information provided.
Visitors are strongly advised to conduct their own due diligence and confirm all details directly with the official event organizers before registering, attending, or making any financial commitments.
All event names, logos, banners, and trademarks remain the property of their respective owners and are used for informational and identification purposes only.
