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Alizz Islamic Bank receives delegation from IIRA AND AAOIFI

14 May 2024

Muscat – Following Alizz Islamic Bank’s recent participation in the AAOIFI Annual Shari’a Boards Conference Alizz Islamic Bank recently hosted a delegation from the Islamic International Rating Agency (IIRA) and The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) who were on a visit to the Sultanate.

The delegation lead by Mrs. Sabeen Saleem – IIRA CEO Islamic International Rating Agency was received by senior officials of the Bank headed by the Chief Executive Officer, Mr. Ali Al Mani. During the visit growth and development of Islamic banking in the region were discussed as well as current developments. In addition, promotion of Islamic values as a lifestyle was also highlighted.

On this occasion, Mr. Ali Al Mani CEO of Alizz Islamic Bank, said: “We were honoured to host the delegation from both AAOIFI and IIRA. It presents the bank with an opportunity to reinforce Alizz Islamic Bank’s role as a market leader and enhance the collaboration between us in various domains. It is our duty to raise awareness on Islamic banking products and how they work and these kinds of exchanges of experiences lead to the development of Islamic Banking locally & regionally. The growth of the Islamic banking industry growth is highlighted by the increasing demand for sharia-compliant products not only from specialists and experts but also from investors and customers all over the world, which makes Islamic banking a global financial industry.”

Headquartered in the Kingdom of Bahrain the Islamic International Rating Agency (IIRA) has been set up to provide independent assessments to issuers and issues that conform to principles of Islamic finance. IIRA’s special focus is on development of local capital markets, primarily in the region of the Organization of Islamic Countries (OIC) and to provide impetus through its ratings to ethical finance, across the globe. IIRA was founded as an infrastructure institution for the support of Islamic finance as conceived by the Islamic Development Bank (IsDB). IIRA is an infrastructure institution like AAOIFI & IFSB established by IsDB to promote Islamic Finance. IsDB remains one of the prominent shareholder and has a nominee on the Board of Directors.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), is an influential international non-profit organisation that plays a crucial role in supporting Islamic financial institutions. Established in 1991 and headquartered in the Kingdom of Bahrain, it has achieved notable professional milestones including issuing over 100 standards in the fields of Shari’a, Islamic accounting, auditing, work ethics, and governance. These standards include standards that have been adopted by central banks and financial authorities in several countries as mandatory or recommended guidelines. The authority has support from various member institutions, including central banks, regulatory bodies, financial institutions, accounting and auditing firms, and legal offices from over 45 countries. Currently, AAOIFI’s standards are implemented by most leading Islamic financial institutions worldwide, contributing to a higher level of consistency in Islamic financial practices worldwide.

Alizz Islamic Bank takes pride in helping customers by incorporating ease and flexibility across all its carefully tailored products and finance offers. The bank is always on a mission to better understand customer needs and priorities to continually improve its current offerings and innovate new ones.

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