January 15, 2007
Ithmaar Bank and Shamil Bank patronize the 6th Aaiofi Sharia’a Conference

Ithmaar Bank and its subsidiary, Shamil Bank of Bahrain, are among the main sponsors of the 6th Sharia’a Conference for Islamic Financial Institutions. The 2-day Conference organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) opened yesterday at the Diplomat Radisson Hotel in the Kingdom of Bahrain.

On behalf of the two banks, Mr. Mohamed Hussain, Shamil Bank’s Chief Executive, has praised the success of the event over the years. He said: “The Conference provides a unique and high profile platform for the advancement of the global Islamic banking industry. The exchange of ideas at the Conference not only contributes to the growth of our knowledge, but also inspires excellence in our work. The AAOIFI Sharia’a Conference is an excellent platform for discussing and setting up of standards for the conduct of the Islamic financial business. The occasion also provides us with the opportunity to have direct interaction with key Sharia’a scholars and experts from the Islamic financial industry. It greatly helps in establishing professional relationships and laying the foundation for future collaboration.”

A number of Arab experts and practitioners from the Islamic banking and finance industry are taking part in the conference and the training course. A wide array of important topics addressing Sharia’a issues for Islamic financial institutions is being discussed at the event.

The Conference was inaugurated by the Minister of Finance, HE Shaikh Ahmed Bin Mohammed Al Khalifa. A welcome address was delivererd by HE Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI's Board of Trustees which was followed by a keynote address by HE Rasheed M. Al-Maraj, Governor, Central Bank of Bahrain.

The conference sessions on the first day included a number of important topics such as Sharia’a standards and governing legislation, comparative studies of the banking laws regulating Islamic financial institutions, contracts for Islamic financial instruments in addition to the methods and techniques of laying a model form for regulations for Sharia'a supervisory bodies.

AAOIFI sets and issues accounting, auditing, ethics and Shari'a standards for the Islamic banking and financial industry.