Al Salam Bank hosted the second Shari’a Departments Forum on Sunday, 12th May 2024 under the supervision of the Shari’a Audit Department and with the support of the Bank’s Executive Management. Taking place at the Bank’s headquarters, the distinguished event focused on bridging the gap between theoretical and practical applications of Islamic Jurisprudence of financial transactions. It aimed to enhance the qualifications of Islamic banking professionals and strengthen their communication with Shari’a Supervisory Boards.
Held under the slogan “The Shari’a Compliance Function: Reality and Future Prospects,” the forum delved into the foundational role of Shari’a compliance in Islamic banks. It explored the history of the profession and its key figures, examining the essential qualifications for Shari’a compliance positions. Effective methodologies for archiving Shari’a Board fatwas were also addressed, alongside discussions on anticipating future trends and harnessing the potential of Artificial Intelligence (AI) in the field.
Commenting on the occasion, Mr. Eihab Ahmed, Deputy CEO of Corporate Affairs at Al Salam Bank said, “Building upon the success of the inaugural event, we are pleased to host the second Shari’a Departments Forum. We anticipate another productive event and welcome active participation from all Islamic banks in Bahrain. This forum serves as a vital platform to exchange knowledge and experiences, ultimately propelling the advancement of the Kingdom’s Islamic banking sector.”
Last year’s Shari’a Departments Forum addressed the critical role of Shari’a audit and supervision in Islamic banking. Discussions encompassed best practices in Shari’a governance, challenges faced by the Islamic banking sector, model frameworks for Shari’a governance, and leveraging AI tools for future advancements.
