Libya’s largest bank, the state-owned and managed Jumhouria Bank, was one of the main sponsors of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) – Islamic Development Bank’s (IsDB)18th Annual Islamic Banking and Finance Conference.
The AAOIFI is a Bahrain-based not-for-profit organization that was established to maintain and promote Shariah standards for Islamic financial institutions, participants and the overall industry.
The conference was held from 29-30 November in Bahrain under the banner “Strategies for the Impending Economic Slowdown and a Post Oil World: Through Economic Diversification and Leveraging Islamic Finance”.
Supporting the Islamic finance industry
Jumhouria Bank said its sponsorship comes within its keenness to support the Islamic financial industry and its institutions, foremost of which is the AAOIFI, which is the most prominent issuer of international Islamic financial industry standards.
Upgrading the reality of Islamic banking
It also comes, the bank added, as part of its efforts to enhance AAOIFI’s efforts in holding specialized scientific conferences aimed at upgrading the reality of Islamic banking and finance by keeping pace with the latest scientific and intellectual developments in this field. It is also within the scope of meeting the industry’s requirements of standards that provide an advanced degree of compatibility and homogeneity at the industry level, in various countries, and at the global level.
Development and sustainability of the Islamic financial sector
Nouri Abu Flaija, Deputy General Manager of Jumhouria Bank, said: “We would like to thank the AAOIFI, which seeks to bring together a wide range of eminent Sharia scholars, representatives of central banks, regulators, workers in the Islamic financial industry, representatives of senior management of Islamic financial institutions, and other entities, in order to achieve the exchange of ideas and experiences that will contribute to the development and sustainability of the Islamic financial sector.
We are also pleased that Jumhouria Bank is a sponsor of this world-leading conference, and we are confident that its discussions and deliberations will contribute to enhancing the knowledge dimension in the field of Sharia financial transactions, as well as providing solutions to many pressing intellectual and practical issues and problems today’’.