The 15th Conference on Islamic Banking and Finance opened today in Manama, Bahrain. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is hosting the two-day event.
Addressing the event, Central Bank of Bahrain (CBB) Governor Rasheed Mohammed Al-Maraj stressed the steadily-growing Islamic finance industry amid, amid increasing global momentum. He stressed the importance of development trends in boosting the capital base of Islamic finance institutions in order to reap growth opportunities in the industrial sector.
He underlined the need for Islamic finance establishments to secure all technical and financial support in order to incorporate Accounting and Auditing standards. He underscored the importance of ensuring the preparedness of Islamic finance institutions, Accounting and Auditing to keep abreast of latest trends, standards and products.
Mr. Al-Maraj urged all Islamic finance institutions to comply with Sharia principles and develop Accounting and Auditing standards. He underscored the importance of supporting international efforts aimed at promoting small and medium enterprises (SMEs) and Venture Capitals, bolstering Accounting and Auditing standards and consolidating consumers and investors’ trust.
Source: Bahrain News Agency