The 2nd CIBAFI – AAOIFI Interactive Workshop to Boost Ethics in Islamic Finance

  • 30/May/2022

30th May 2022, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have launched the second series of the Interactive Workshop on “AAOIFI Code of Ethics for Islamic Finance Professionals”. This series is conducted in the Arabic language.


The workshop is yet another tangible step undertaken to strengthen the relationship between CIBAFI and AAOIFI for the benefit of the global Islamic finance industry. Such joint initiatives and activities, based on the MoU signed between the respective institutions in 2021, aim to address and enhance the understanding of emerging topics and issues in the industry.

Several research studies have found that ethics training positively affects employee behavior. Through this workshop, employees can gain a concrete understanding of ethical concepts. It also aims to provide employees with an understanding of the skills required to apply ethics more confidently and consistently in various real-world situations.


Commenting on the workshop, Dr. Abdelilah Belatik, Secretary General of CIBAFI said: “Raising awareness on the value proposition of Islamic finance in consideration of the emerging issues within the industry is a critical goal of CIBAFI. We are pleased to continue serving the Islamic Financial Services Industry (IFSI) by delivering a workshop in ethics in collaboration with AAOIFI. Employees and stakeholders of the IFSI are expected to be accountable for developing and maintaining the highest possible standard of knowledge, skills, and behaviors. We hope this workshop will inspire Islamic finance professionals to conduct their activities professionally and proficiently per Islamic values and principles.


Mr. Omar Mustafa Ansari, Secretary General of AAOIFI added: “Ethics is one of the standard-setting areas of AAOIFI which is integral in safeguarding and enhancing the integrity of the Islamic finance industry. We are pleased to cooperate with CIBAFI for the conduct of this workshop which I hope will prove to be immensely beneficial for the participants. I strongly encourage the regulators to adopt the AAOIFI code of ethics for their respective jurisdictions and make such training mandatory for all those working in the industry, whether they sit in a cubicle or the boardroom. Our objective should be to encourage and facilitate professionals in becoming role models of the highest standards of excellence in behavior and conduct.”


The workshop was attended by more than 60 participants from over 23 countries. It is conducted by Mr. Yousuf Sultan, Chief Executive Officer, Adl Advisory, Malaysia, an AAOIFI CSAA fellow, and who is registered as a Shariah Advisor with the SEC of Malaysia. The workshop included interactive discussions on the concept of ethics using case studies, MCQs, and group problem solving exercises.


The guest speakers who supplemented the workshop included Dr. Ali Sartawi, Professor of Civil Law, in Faculty of Law, An-Najah National University, Palestine; Dr. AbdelGadir Warsama Ghalib, Founder & Principal Legal Counsel, Abdelgadir Warsama Legal Consultancy, Bahrain; Mr. Dhiaeddine Fekih, Chief Financial Officer, Al Baraka Bank, Tunisia; and Dr. Samir Alamad, Associate Director, Coventry University, United Kingdom.


The Technical Workshop is aligned with the objective of Professional Development, which endeavors to enhance capacity building within the Islamic financial services industry (IFSI). These programmes are practical and targeted to the staff of Islamic banks and financial institutions, regulators, and practitioners. In addition, they aim to engage participants in the discussion on the current environment of the Islamic banking industry.

Our Members