The Bahrain Institute of Banking and Finance (BIBF) said its development of an Islamic finance e-learning platform revolving around the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will receive financial backing from Khaleeji Commercial Bank (KHCB).
BIBF hopes that its platform will become a major reference in the Islamic finance industry, providing accessible learning and awareness of AAOIFI standards.
BIBF signed an agreement with AAOIFI to deliver the 95 AAOIFI standards (Shariah, accounting, auditing and governance) online over a period of four years. These online e-learning courses will include video-recorded lectures, voice-overs, interactive and animated explanations, notes, case studies, self-assessments and Fatwa disclosures.
“Bahrain Institute of Banking and Finance is a pioneer in the area of training and education in Islamic banking and finance not only regionally, but also globally,” BIBF Deputy Directo Ahmed Abdulhameed Abdulghani Al Shaikh said. “The Islamic finance industry has achieved critical mass growth and the growth of the industry is expected to remain higher than other segments of the global financial sector, supported by very favorable demographics. Bahrain is strongly positioned at the forefront of this growth, establishing world-class regulation of Islamic financial services.”
The first phase of the program will launch by the end of 2016.