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AAOIFI secretary general Omar Mustafa Ansari presented and discussed the standards with the participants which included Islamic banking and capital market professionals, Sharia scholars, accounting, auditing and law experts, researchers, academicians and other stakeholders.
"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.
The Board also discussed the consultation notes for the revision of AAOIFI Code of Ethics.
But if AAOIFI's proposal is implemented, the market might
Urdu, the national language of Pakistan and a widely spoken language in different parts of the world, has become the sixth international language in which the AAOIFI has translated Shariah standards.
State Bank of Pakistan Governor Tariq Bajwa was the chief guest, while AAOIFI Shariah Board Chairman Mufti Taqi Usmani, AAOIFI Board of Trustees Chairman Shaikh Ebrahim Bin Khalifa Al Khalifa, AAOIFI Acting Secretary General Omar Mustafa and Steering Committee Chairman Irfan Siddiqui were among the keynote speakers on the occasion.
Governor SBP Tariq Bajwa said, 'I feel honored to be here on this important occasion of launch of Urdu version of AAOIFI's Shariah Standards.
AAOIFI and IFSB have been working separately on their respective mandates.
Bello Lawal Danbatta, the Secretary-General of IFSB, said that this MoU between the IFSB and AAOIFI paves way for strengthening coordination and combining efforts for the sustained growth, development and resilience of the Islamic financial services industry.
Adoption of AAOIFI standards by the Central Bank of the UAE is a big encouragement.
Based in the Kingdom of Bahrain, AAOIFI is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.
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