25th – 26th September 2023,
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 successfully launched their third Interactive
Workshop on the topic of Zakah. The workshop will be conducted over two days in
the English language. It will provide participants with a
comprehensive overview of its key principles, applications, and current
This workshop reaffirms the commitment of CIBAFI and AAOIFI to
advance knowledge and excellence within the Islamic finance industry. Through this
continued collaboration, both institutions underscore their joint dedication to
fostering innovation, promoting industry best practices, and achieving
development within the Islamic finance industry.
Participants in the workshop will gain profound insights from
industry experts, practitioners, and scholars. The workshop will provide
participants with an engaging and insightful experience, helping them gain a
deeper understanding of Zakah's principles and its practical application in Islamic
financial institutions (IFIs).
Commenting on the workshop, Dr. Abdelilah Belatik, Secretary
General of CIBAFI said: "We are delighted to continue our partnership with AAOIFI and
organise our third joint technical workshop. This time around, our focus is on the
pivotal topic of Zakah. This initiative underscores our unwavering commitment
to not only spearheading advancements within the Islamic financial industry but
also to supporting financial inclusivity on a global scale. By coming together
on this occasion, we reaffirm our unwavering dedication to the dissemination of
knowledge and the pursuit of transformative progress within the industry. We
hope that this workshop will serve as a guiding light, illuminating the path to
enhanced understanding and mastery of Zakah in the realm of Islamic finance".
Mr. Omar Mustafa Ansari, Secretary
General of AAOIFI added: “Zakah is one of the standard-setting areas of
AAOIFI which is integral in safeguarding and enhancing the integrity of the
Islamic finance industry in mandatory distribution of wealth to the deserving.
We are pleased to cooperate with CIBAFI for conducting this workshop which I
hope will prove to be immensely beneficial for the participants. I strongly
encourage the industry to adopt the AAOIFI standard on Zakah for their
respective jurisdictions and make such trainings mandatory for all those
working in the industry. This shall facilitate professionals in understanding
and implementing rules, regulations and accounting for Zakah int he
Islamic financial sector".
The workshop was attended by more than 40 participants from 17
countries. It has been facilitated by Prof. Dr. Ahcene Lahsasna, Chief Executive Officer of Salihin
Shariah Advisory in Malaysia and CIBAFI`s accredited trainer.
The guest speakers who supplemented the workshop included Mr. Mezbah
Uddin Ahmed, Researcher at the International Shariah Research Academy for
Islamic Finance (ISRA) in Malaysia and Mr. Mufti Faraz Adam, Islamic
Finance Advisor, Shariah Scholar, Founder and CEO of Amanah Advisors in United
This technical workshop is aligned with the objective of
Professional Development which endeavours to enhance capacity building within
the Islamic financial industry. These programmes are practical and are targeted
to the staff of Islamic banks and Islamic financial institutions, regulators,
and practitioners. They aim to engage participants in the discussion on the
current environment of the Islamic banking industry.