The International Islamic Centre for Reconciliation and Arbitration (IICRA) participated in AAOIFI 17th Annual Shari’ah Boards Conference on 7 – 8 April 2019 with the invitation of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The conference was held in Gulf Hotel, Manama Kingdom of Bahrain.

The Chief Executive Officer (CEO) of IICRA, Mr. Rami Sulaiman attended the conference since IICRA is one of the Islamic infrastructure institutions that promote the Islamic financial industry. The AAOIFI conference highlighted the Shari’ah issues and burning topics on Islamic finance are as follow:

Session 1: Importance of Regulatory Requirement of Mandatory Adoption of Shariah Standards by Islamic Financial Institutions (IFIs).

Session 2: Regulatory Imposition of Obligatory Reduction of the Amount of Debt Due to Prepayment.

Session 3: Validation of Defective Contracts and its Impact on Stability of Transactions and its Modern Applications.

Session 4:  Coordination Amongst Central Sharia Boards.

Session 5: Sukuk Listing in Global Financial Markets and Compatibility of Listing Requirements with Sharia Structures.

Session 6: Methods to Safeguard against Risks Associated with Ownership in ljarah Muntahia Bittamleek Financing Mode.

It is noteworthy that this year’s edition was attended by a high-profile elite of participants including dignitaries and senior officials, honorable Shari’ah scholars, representatives of international organizations, central banks and regulatory and supervisory authorties, as well as a host Islamic financial institutions’ personnel and senior managers, and representatives of accounting and auditing firms, legal firms, universities and higher education institutions, and the media, from around the world.