CIBAFI and AAOIFI Host the Third Technical Workshop on Zakah

The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have successfully launched their third Interactive Workshop on the topic of Zakah. The workshop will be conducted over two days in the English language. It will provide participants with a comprehensive overview of its key principles, applications, and current challenges.

This workshop reaffirms the commitment of CIBAFI and AAOIFI to advance knowledge and excellence within the Islamic finance industry. Through this continued collaboration, both institutions underscore their joint dedication to fostering innovation, promoting industry best practices, and achieving development within the Islamic finance industry.

Participants in the workshop will gain profound insights from industry experts, practitioners, and scholars. The workshop will provide participants with an engaging and insightful experience, helping them gain a deeper understanding of Zakah’s principles and its practical application in Islamic financial institutions (IFIs).

Commenting on the workshop, Dr. Abdelilah Belatik, Secretary General of CIBAFI said: “We are delighted to continue our partnership with AAOIFI and organise our third joint technical workshop. This time around, our focus is on the pivotal topic of Zakah. This initiative underscores our unwavering commitment to not only spearheading advancements within the Islamic financial industry but also to supporting financial inclusivity on a global scale. By coming together on this occasion, we reaffirm our unwavering dedication to the dissemination of knowledge and the pursuit of transformative progress within the industry. We hope that this workshop will serve as a guiding light, illuminating the path to enhanced understanding and mastery of Zakah in the realm of Islamic finance.

Mr. Omar Mustafa Ansari, Secretary General of AAOIFI added: “Zakah is one of the standard-setting areas of AAOIFI which is integral in safeguarding and enhancing the integrity of the Islamic finance industry in mandatory distribution of wealth to the deserving. We are pleased to cooperate with CIBAFI for conducting this workshop which I hope will prove to be immensely beneficial for the participants. I strongly encourage the industry to adopt the AAOIFI standard on Zakah for their respective jurisdictions and make such trainings mandatory for all those working in the industry. This shall facilitate professionals in understanding and implementing rules, regulations and accounting for Zakah int he Islamic financial sector”.

The workshop was attended by more than 40 participants from 17 countries. It has been facilitated by Prof. Dr. Ahcene Lahsasna, Chief Executive Officer of Salihin Shariah Advisory in Malaysia and CIBAFI`s accredited trainer.

The guest speakers who supplemented the workshop included Mr. Mezbah Uddin Ahmed, Researcher at the International Shariah Research Academy for Islamic Finance (ISRA) in Malaysia and Mr. Mufti Faraz Adam, Islamic Finance Advisor, Shariah Scholar, Founder and CEO of Amanah Advisors in United kingdom.

This technical workshop is aligned with the objective of Professional Development which endeavours to enhance capacity building within the Islamic financial industry. These programmes are practical and are targeted to the staff of Islamic banks and Islamic financial institutions, regulators, and practitioners. They aim to engage participants in the discussion on the current environment of the Islamic banking industry.

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