Waqf Fund signs key training deal
Manama, July 4, 2011
The Waqf Fund, a special fund to support Islamic finance training, education and research, has announced the launch of its Sharia Reviewer Development Programme in Bahrain.
It is aimed at capacity building of reviewers at Islamic financial institutions and to better equip them to handle their job. The Waqf Fund has signed an agreement with the Bahrain Institute of Banking and Finance (BIBF) for the execution of this programme.
'The Waqf Fund conducted a successful two-day training session for internal Sharia reviewers of Islamic financial institutions in April last year to orient them with conventional banking concepts and practice, said Central Bank of Bahrain executive director of banking supervision and Waqf Fund chairman Khalid Hamad.
'Based on the feedback received from the participants we have now developed a full programme aimed at improving the knowledge base of internal Sharia reviewers and others working in Islamic financial institutions' Sharia departments.
'Starting from September, the programme will be conducted by BIBF after office hours in self-contained sessions.
'We believe that it will help improve the efficiency of internal Sharia review personnel working for our member institutions.'
These include understanding financial statements for Islamic financial institutions, business, banking and trust law, Islamic liquidity and treasury management, risk management in Islamic financial institutions, Sharia auditing and corporate governance and an introduction to Accounting and Auditing Organisation for Islamic Financial Institutions and Islamic Financial Services Board standards.
'The objective is to provide a high level perspective on the above topics in order to help Sharia reviewers better understand the business and financial implications of Sharia and familiarise them with the relevant laws, regulations, standards and best practices,' Hamad said.
'The cost of the participants will be picked up by the Waqf Fund. We have received enthusiastic response from our members and we continue to receive nominations.'
The Waqf Fund, established in 2006, has been a major contributor to the development of Islamic banking industry in Bahrain.
Twenty Bahrain-based financial institutions are its members.-TradeArabia News Service