Bahrain Institute of Banking and Finance (BIBF)

BIBF and UK firm Cogneum developing platform to converge Shariah governance and UN SDGs

The Bahrain Institute of Banking and Finance (BIBF) is working with UK-based developer Cogneum on a Shariah governance software platform. The cloud-based platform is meant to allow Islamic banks and financial institutions to streamline their internal Shariah governance processes, facilitate the integration of Maqasid al Shariah and the UN SDGs in their workflow. The software will help reduce charitable write-offs by Islamic banks due to Shariah non-compliance issues. The partners will initially target the platform for retail Islamic banks. BIBF director Mujtaba Khalid said the Shariah governance framework of the software solution will be based on AAOIFI Standards but can also be customized as per the banks’ Shariah governance manual. He added that the platform can also help organisations in the areas of green bonds, sukuk and sustainability risk reporting.

Urgent need for #training to support growth of Islamic finance: SAMA chief

With the growing demand for Islamic finance, the need for specially-educated professionals in the field becomes crucial. Ahmed Alkholifey, chairman of Saudi Arabian Monetary Authority (SAMA) elaborated this idea in his keynote speech on the second day of the 23rd World Islamic Banking Conference. As an attempt to tackle the lack of human capital in Islamic banking industry, the Bahrain Institute of Banking and Finance (BIBF) attempts to train individuals on the field providing degrees that combine theory and practice. Ahmed A. Hameed Al-Shaikh, deputy director of BIBF, said one of the most popular courses was Advanced Diploma in Islamic Finance (ADIF), which gives a general yet intensive overview of Islamic finance. Education provided at BIBF is tailored to cater to each group of students as needed.

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