Wednesday, 05 December 2012
The AAOIFI- World Bank annual conference in Islamic banking and Finance was held on December 3 & 4 2012 in Manama, Bahrain. The conference featured distinguished and internationally renowned Islamic banking personalities, in addition to researchers and experts in financial affairs and executives from Islamic financial institutions inside and outside the Kingdom of Bahrain. Mr. Sutan Emir Hidayat, lecturer, (Islamic Finance) represented University College of Bahrain and spoke about the issues surrounding Takaful surplus management.
AAOIFI is one of the most prestigious conferences in Islamic finance industry based in Bahrain as it is the international standard setting body that sets up accounting, auditing, governance and Shariah standards for Islamic financial institutions worldwide.
Other major topics of discussion were: How different are the business and operating models of Takaful operations across the markets, What are the Shari’a and recommended regulatory rules governing Qard Hassan loans from Takaful operator to policyholders’ pool, challenges on investment of Takaful surplus funds and updates on review of accounting standards for Takaful. There was also an interactive session with the audience followed by the presentations.