CIBAFI and AAOIFI Launched an Online Workshop on Ethics

The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have launched their inaugural 2-day Online Technical Workshop today. The workshop is based on the “AAOIFI Code of Ethics for Islamic Finance Professionals”.

The joint technical workshop aims to reinforce cooperation between CIBAFI and AAOIFI in developing the Islamic financial services industry. Earlier this year the two institutions have signed an MoU to seal their commitment to providing initiatives and activities aimed at addressing and enhancing understanding of emerging topics and issues in the industry.

This workshop in particular is an important catalyst to promote the cause of ethics in Islamic finance. It aims to provide Islamic finance professionals with a better and more comprehensive understanding of the concept of ethics. By the end of the workshop, participants will have a better grasp of what is required of them in terms of ethics and to apply ethics in real-world situations.

Commenting on the workshop, Dr. Abdelilah Belatik, Secretary-General of CIBAFI said: Our collaboration with AAOIFI is a keen manifestation of our commitment to work with industry leaders in providing the necessary support for the development of the Islamic financial services industry. We are delighted to see our member banks and stakeholders join together in taking this opportunity to learn firsthand the importance of ethics, as an important aspect of being an Islamic finance professional. We are as always, committed to continue bringing the latest industry-driven initiatives to our members.”

Mr. Omar Mustafa Ansari, Secretary-General of AAOIFI added: “Ethics is at the core of AAOIFI’s mission as we strongly believe that it is one of the most effective ways in securing and strengthening the integrity of Islamic finance. That is because no matter how good the laws are, if the people implementing those laws do not conduct themselves ethically, then those laws break down. As such, we believe Islamic finance regulators must adopt and enforce the AAOIFI code of ethics in their respective jurisdictions and make ethics training mandatory for all professionals. That should significantly help encourage professionals to become role models of the highest standards of excellence in behavior and conduct.”

The workshop was attended by more than 70 participants from over 20 countries and conducted by Mr. Farhan Noor, Head of Capacity Building Department at AAOIFI. It included interactive discussions on the concept of ethics through the use of case studies, MCQs, and group problem-solving exercises.

The guest speakers who supplemented the workshop included Mr. Umar Munshi, Co-Founder, Ethis Group, Malaysia, and Mr. Muhammad Saeed Fadloun, Sharia Compliance and Product Development Manager, Al Rayan Bank, United Kingdom.

CIBAFI and AAOIFI also wish to thank the workshop partners, Jaiz Bank Nigeria, and Shura Sharia Consultancy for their contribution to making the workshop a success.

The Technical Workshop is aligned with the objective of Training and Professional Empowerment which endeavors to enhance capacity building within the Islamic financial services industry (IFSI). These programs 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.