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MENAFN - Muscat Daily - 20/03/2017
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(MENAFN - Muscat Daily) Muscat- The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will hold the fourth meeting of its Governance and Ethics Board (AGEB) at the College of Banking and Financial Studies (CBFS) on March 28 and 29.

Among the main agendas of the meeting will be a discussion on the Islamic Banking Regulatory Framework (IBRF), particularly the Sharia'a Governance framework of Oman. To that effect, H E Hamoud bin Sangour al Zadjali, executive president of the Central Bank of Oman (CBO), will deliver a keynote speech together with other presentations from Saud al Busaidi, director of Islamic Banking at CBO, and Mughees Shaukat, head of Islamic Finance at CBFS. A roundtable discussion, moderated by Sohaib Umar, advisor Islamic Financial Services Development at Central Bank of Bahrain, will also be held at the end of the opening session on IBRF.

The AGEB meeting will be chaired by Dr Ishrat Hussain during which severalopics will be discussed at length, the most important of which are the draft standard on external Sharia'a Audit as well as the preliminary study and consultation notes of the Ethics project, of the Sharia'a Compliance function and of the Sharia'a Compliance and Fiduciary Ratings for Institutions. The board will review the documents to approve several key decisions and outcomes of the working groups of all the respective standards.

AAOIFI is continuing with its pioneering efforts in serving the Islamic Finance industry through the development of governance and ethical standards. Established in 1991, AAOIFI has thus far issued a total of 97 standards out of which 7 are on governance and 2 on ethics.

Omar Mustafa Ansari, deputy secretary general of AAOIFI, and Dr Hussain thanked CBFS for providing administrative, logistical and moral support in making the meeting possible.

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Muscat Daily




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