Alinma Bank hosts Shariah standards hearing session

Under the sponsorship of Alinma Bank, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held its Shariah standards hearing session in Riyadh. Participating in the event were Shariah-finance professionals from Alinma Bank, AAOIFI and other financial and research institutions from Saudi Arabia and abroad. Attendees discussed, debated and made comments on draft policies related to deposit and repurchase agreements.
Alinma Bank organized the event as part of its ongoing effort to support research and specialized study in the field of Islamic banking. The meeting was the first time AAOIFI held for its Shariah standards hearing session outside Bahrain, and the move to Saudi Arabia represented an attempt on AAOIFI’s part to expand its activities, effectiveness, and cooperation at the regional and international levels.
AAOIFI strives to develop the Islamic finance industry and to establish standards that will benefit and protect consumers through the faithful application of Shariah-compliance across all aspects of financial transactions.