KPMG, a provider of audit, tax and advisory services, announced that an AAOIFI workshop will be held from December 23-25 at the Crowne Plaza Muscat. This is, according to a press release, in line with its objective to educate and train the workforce serving the Islamic banking industry in the sultanate.
The Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) is a global institution setting standards for Islamic financial institutions in accounting, auditing and Sharia governance. Under the proposed Islamic Banking Regulatory Framework (IBRF) issued by the Central Bank of Oman, Islamic banks and Islamic windows of conventional banks are mandated to comply with AAOIFI standards.
Khalid Yousaf, director of Islamic finance advisory services for KPMG in Oman, said, Sharia concepts and principles underpin AAOIFI standards. The workshop participants will develop a clear understanding of those concepts and principles as well as the key differences between IFRS and AAOIFI standards.