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Waqf Fund announces major new initiative for Shari’a reviewers
10 : 58 AM - 03/07/2011
Manama, July 3 (BNA) -- The Waqf Fund, a Bahrain-based special fund to support Islamic finance training, education and research, has announced the launch of Shari’a Reviewer Development Program. This is aimed at capacity building of Shari’a resources at Islamic Financial Institutions and to better equip them to handle their job. The Waqf Fund has signed an agreement with BIBF for the execution of this program.
Khalid Hamad, Chairman of the Waqf Fund, explained about the program: “The Waqf Fund conducted a successful two-day training session for Internal Shari’a Reviewers of Islamic Financial Institutions in April 2010 to orient them with conventional banking concepts and practice. Based on the feedback received from the participants we have now developed a full program aimed at improving the knowledge base of Internal Shari’a Reviewers and others working in IFIs’ Shari’a departments. Starting from September, the program will be conducted by BIBF after office hours in self-contained sessions. We believe that it will help improve the efficiency of Internal Shari’a Review personnel working for our member institutions.”

The program comprises of six modules; (1) Understanding Financial Statements for Islamic Financial Institutions (2) Business, Banking and Trust Law (3) Islamic Liquidity and Treasury Management (4) Risk Management in Islamic Financial Institutions (5) Shari’a Auditing and Corporate Governance for IFIs (6) An Introduction to AAOIFI and IFSB Standards.

Khalid Hamad further added, “The objective is to provide a high level perspective on the above topics in order to help Shari’a Reviewers better understand the business and financial implications of Shari’a and familiarize them with the relevant laws, regulations, standards and market best practices. 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 November 2006, has been a major contributor to the development of Islamic banking industry in Bahrain. Twenty Bahrain-based financial institutions are its members. Its mandate is to the support the Islamic finance industry through training, education and research.
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