BisB Is a Silver Sponsor to AAOIFI Conference

Press release

Published April 8th, 2019 - 05:18 GMT

During the event

Under the patronage of the Central Bank of Bahrain (CBB), Bahrain Islamic Bank (BisB) has announced its Silver sponsorship of the Accounting and Auditing Organization for the Islamic Financial Institutions (AAOIFI) 17^th Annual Shari’ah Conference, which will be held on the 7^th and 8^th of April at Gulf Hotel, Manama, in the Kingdom of Bahrain.

The two-days conference will discuss various vital topics related to the future of the Islamic financial banking industry as whole, including the importance of setting regulatory requirements of mandatory adoption of Shari’ah Standards by Islamic Financial Institutions (IFIs), the validation of Defective Contracts and its impact on the stability of transactions along with its modern applications, the coordination amongst Central Shari’ah Boards, Sukuk Listing in global financial markets and compatibility of listing requirements with Shari’ah Structures, as well as and various methods to assist in safeguarding institutions against the risks commonly associated with ownership in lease-to-own financing modes (Ijarah Muntahia Bittamleek.).

“We are pleased to announce our Silver sponsorship of the AAOIFI conference, an event that brings together key players and esteemed professionals from the financial banking industry and Islamic banking sector all under one roof. We look forward to further supporting various events and programs organized by AAOIFI,” said the Chief Executive Officer of BisB, Mr. Hassan Jarrar.

The AAOIFI event brings together a prominent group of Shari’ah scholars and senior representatives from Central Banks, regulatory authorities, financial institutions, accounting and auditing firms, legal firms, universities, higher learning institutions as well as key representatives from the media.

Background Information

Bahrain Islamic Bank

Incorporated in 1979 as the first Islamic bank in the kingdom of Bahrain, and the fourth in the GCC. Bahrain Islamic Bank (BisB) has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy. The Bank operates under an Islamic Retail banking licence from the Central Bank of Bahrain and is listed on the Bahrain Bourse.

At the end of 2016, the Bank’s paid up capital was BD 101 million, while total assets stood at BD 1042 million. The Bank’s modern branch network comprises 5 branches, 4 innovative financial malls, and 56 ATMs located throughout the Kingdom. A steadfast focus on continuous innovation, strong corporate governance and risk management, employee development, and the use of state of the art technology to deliver superior customer service, has cemented Bahrain Islamic Bank’s position as the leading Sharia’a – compliant bank in the Kingdom.