Manama (IINA) – The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will hold the 11th Annual Conference on Islamic Banking and Finance in Bahrain on November 6-7, in partnership with the World Bank, under the auspices of the Central Bank of Bahrain (CBB), Bahrain News Agency reported.

The broad theme of the conference will focus on the post oil economic scenario of the Muslim world and its impacts on the Islamic finance industry globally, in general and in the region in particular. The conference also intends to bring under the limelight and honor a key figure from the Islamic Finance industry for his services and life-time achievements. The conference will have a face-to-face session with that figure besides honoring him. Additionally, the conference will provide updates on certain key standard development areas.

Further, it will discuss the effects on Islamic finance strategies of the changing economic environment, the role of Islamic finance with the governments in the changing economic environment and considering the Islamic agro-finance as the next destination.

The conference is part of the AAOIFI’s ongoing consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, ethics and governance.

Key standard development topics will include the setup and standardization for central Sharia boards, fair value and impairment and the effects of International Financial Reporting Standards (IFRS) 9 on the Islamic finance industry and the debut of gold products in Islamic finance and the upcoming AAOIFI Sharia standard on gold.