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BIBF Joins Forces with AIA to Launch Diploma in Islamic Accounting and Compliance
27th May 2008
The Bahrain Institute of Banking and Finance (BIBF) has joined forces with the Association of International Accountants (AIA) to officially launch its Diploma in Islamic Accounting and Compliance. This was announced today at the World Islamic Funds and Capital Markets Conference held at the Gulf Hotel.
The new qualification provides a thorough understanding of the Islamic Accounting and Governance Reporting requirements as set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) combined with a comparison with International Financial Reporting Standards (IFRS). The graduates of the AIA and BIBF Diploma in Islamic Accounting and Compliance (DIAC) will enable Islamic financial institutions access global markets while maintaining the substantial processes and forms of Islamic transactions.
The launch of the new diploma follows the signing of a five year Memorandum of Understanding on 30 October 2007. Under the agreement, BIBF will be responsible for compiling the course structure and format, in addition to providing students with teaching facilities and support. AIA will set the exam syllabi and papers for the diploma and provide support to BIBF on other aspects. Comprising papers on auditing, ethics and corporate governance, Islamic banking practice, and Islamic commercial law and Islamic Accounting, the first examinations are scheduled for December 2008.
“In recent years finance and commerce have been flourishing in the Middle East and, AIA are delighted to be offering professionals a qualification to help develop their skills and knowledge,” explains AIA Chief Executive Philip Turnbull. “We have developed an excellent partnership with BIBF, and believe that with their support, we can continue to develop this new diploma and I expect it to prove very popular. As national boundaries continue to come down, it is becoming increasingly important for accountants to be able to operate globally, applying the same level of competence across different market places – initiatives such as our diploma will play a key role in allowing them to do so.”
BIBF’s Director, Mr. Garry Muriwai said, “As a leading provider of vocational and professional training in the financial services sector in Bahrain and the region, BIBF has become the number one choice for organisations and professional bodies wishing to enhance their offerings and customer satisfaction. We are proud to partner with such a highly reputed global organisation as the AIA to help enhance the knowledge and performance of professionals in the Islamic banking industry.”
For further information, please visit AIA web site www.aiaworldwide.com, or email infodesk@bibf.com or contact: +973 17815555
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