Boubyan Bank, a Major Sponsor of AAOIFI-World Bank 14th Annual Conference

Boubyan Bank has announced its sponsorship of AAOIFI-World Bank 14th Annual Conference, to be held in the Kingdom of Bahrain during the period from November 3rd and 4th 2019 under the auspices of the Central Bank of Bahrain and in cooperation with the World Bank.

Sheikh Fawaz Al Kulaib, Head of the Sharia Audit Department at Boubyan Bank stated  that the importance of the conference emanates from the importance of the organizing entity which is one of the entities that issue the Islamic and international standards of the financial industry in addition to being one of the conferences that aim to develop the Islamic financial industry. 

Al Kulaib explained: “This sponsorship comes as a part of the keenness of Boubyan Bank and its senior management on supporting the Islamic finance industry and its institutions. This also comes as a part of the bank’s efforts to reinforce AAOIFI's endeavors in holding specialized scientific conferences aiming at improving the Islamic banking and financial practices by ensuring to cope with the latest scientific developments in that domain, and meeting the industry requirements in terms of standards providing an advanced level of coherence across the industry, across various countries, and at the scientific level.”

Supervision and Sharia Audit

Speaking of the role of Sharia supervision, Al Kulaib stated: “It represents a main pillar and a milestone in the work of Islamic financial institutions not only due to overseeing the soundness of transactions from a Sharia-perspective, but also due to the status and significance bestowed upon it by the highest regulatory authority, namely the Central Bank of Kuwait, as the Islamic Banks’ Law was issued in 2003 followed by the instructions on Sharia Supervision Governance in Islamic Banks by the end of 2016 giving financial institutions regulatory power and independence that enable them to perform their duties in the best possible way.”

“Since its establishment in 2004, Boubyan Bank has been practicing its business in compliance with the Principles of the Islamic Sharia, taking its Sharia Supervisory Board as reference for such principles. The Board comprises of specialized scholars in the jurisprudence of Islamic financial transactions, who study the general policies, contracts and special agreements pertaining to each product in their regular meetings. This builds confidence in the bank on the part of shareholders and transacting parties. It is noteworthy that the Sharia Supervisory Board has issued more than 1,400 resolutions that have been discussed over more than 270 meetings.”, he added.

Al Kulaib concluded by stating: “On behalf of the management of Boubyan Bank, we are pleased to participate in one of the most important conferences supporting the Islamic finance industry in the region represented in the Accounting and Auditing Organization for Islamic Financial Institutions “AAOIFI” which organizes this conference to bring a wide group of Sharia scholars and representatives of central banks, regulatory authorities, Islamic finance industry professionals, representatives of senior managements of Islamic financial institutions and many other entities under the same roof, which helps them exchange ideas and expertise, thereby leading to the growth of the Islamic finance sector and achieving sustainability.”