JIB hosts the 8th AAOIFI Governance and Ethics Board Meeting

Jordan Islamic Bank (JIB) hosted the 8th AAOIFI Governance and Ethics Board meeting with participation of the board members representing Islamic financial institutions , central banks , supervisory authorities, academic institutions and it was held in Amman during the period 8-9/7/2018. During the meeting, general strategies for the development, review and adoption of the standards of governance and ethics were discussed, as well as all relevant publications such as guidelines, research and interpretation Mr. Musa Shihadeh, CEO – General Manager of JIB delivered a welcoming remarks in which he commended the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) , for choosing our bank to host its  meetings, which is an affirmation of the distinguished position that Jordan and our bank occupies and their supportive role in Islamic finance industry. He affirmed his pleasure in the role of AAOIFI in organizing the work of Islamic financial institutions through the standards issued by it, which Jordan Islamic Bank is committed to applying and is the most important accounting and jurisprudential reference of legislative and supervisory bodies, research centers, official fatwa opinions, accountants, legalists and academics. Jordan Islamic Bank also contributes to the development and issuance of legal and accounting standards and standards of governance and ethics through its membership in the AAOIFI and its various boards and its permanent participation in various committees and meetings. He stressed the commitment JIB to the continuity of hosting meetings that provide an opportunity for the specialists to discuss and share ideas and experiences that contribute to generating innovation, excellence and advancement in support of the Islamic financial industry and the work of the Accounting and Auditing Organization for Islamic Financial Institutions(AAOIFI). Mr. Omar Al Ansari,  Acting Secretary-General of AAOIFI, thanked Jordan Islamic Bank for hosting this meeting and its continued support to the organization to achieve its objectives. He praised the distinguished efforts exerted to support and develop the work of Islamic financial industry. It is worth mentioning that AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 108 standards in the areas of Shari’a, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.  Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.