Seminar on "Shari’a Control and Audit in Islamic Financial Institutions"

Seminar onShari’a Control and Audit in Islamic Financial Institutionsin Cooperation with the Islamic Research and Training Institute / The Islamic Development BankSaudi Arabia

The Institute of Banking Studies in cooperation with the Islamic Research and Training Institute / The Islamic Development Bank - Saudi Arabia, held a specialized seminar onShari’a Control and Audit in Islamic Financial Institutionsduring 7/2 11/2/2010-Thirty participants attended the seminar from different banks and financial institutions and ministries in Qatar, United Arab Emirates, Kuwait, Syria, Sudan, Saudi Arabia, Yemen, Libya, Palestine and Jordan.

The seminar aimed at introducing the participants to the concepts, instruments, and procedures of internal and external Shari’a control and audit, and also to the Shari’a control and audit systems from the viewpoint of control authorities (the central banks), as well as to the Shari’a field audit procedures and to the methods of preparing Shari’a control and audit reports, the mechanisms for implementing the contents of these reports, the Shari’a control and audit guide and its application on the Islamic banks’operations. During this seminar, the participants were provided with the experience of some Islamic banks and financial institutions in the fields of Shari’a control and audit and the problems arising upon activating the recommendations and the formal opinions of the Shari’a bodies especially those related to the Shari’a audit.

At the end of the seminar, the Institute's management expressed their thanks to the Islamic Research and Training Institute and to their representative for their efforts in making this seminar a successful one similar to other seminars held by both institutes since the signing of the joint memorandum of understanding in 1997. On the other hand, the representative of the Islamic Institute appreciated the constant eagerness of the Institute of Banking Studies to strengthen the ties of cooperation and coordination between both institutions for the benefit and interest of Arab and Islamic financial and banking cadres, and hoped to increase the number of such seminars and workshops in the future.

The two institutes also expressed their appreciation and gratitude for the lecturer of the seminar who didn't spare any effort to communicate his practical and academic experiences to the participants using the modern training applications and methods.

The certificates were then distributed to the participants who also expressed their gratitude and appreciation to the management of both institutes for their distinguished organizational efforts and to the lecturer of the seminar for the great amount of information conveyed to them from his discussions and presentation during this seminar.

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