BIBF gets KHCB backing to launch Islamic finance e-learning initiative

The Bahrain Institute of Banking and Finance (BIBF) has received financial backing from Khaleeji Commercial Bank (KHCB) for the development of an Islamic finance e-Learning platform that will revolve around the Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The platform will be a key reference for the Islamic Finance Industry and will be an easily accessible and widely affordable one-stop e-Learning solution that will raise awareness and further understanding towards the AAOIFI standards globally, further expanding the scope of the BIBF in the international arena.

BIBF signed a four year globally exclusive agreement with AAOIFI to bring the entire 95 AAOIFI standards (Shari’ah, Accounting, Auditing & Governance) online via video-recorded lectures, voice-overs, interactive and animated explanations, notes, case studies, self-assessments and Fatwa disclosures. The e-Learning platform will give access to individuals interested in learning about the AAOIFI standards and Islamic banking and finance.

On this occasion, BIBF’s Deputy Director, Dr. Ahmed Abdulhameed Abdulghani Al Shaikh, expressed his appreciation to Khaleeji Commercial Bank for this significant step for the development of human capital in the Islamic Finance industry. He stated “Bahrain Institute of Banking and Finance (BIBF) is a pioneer in the area of training and education in Islamic Banking and Finance not only regionally, but also globally. The Islamic finance industry has achieved critical mass growth and the growth of the industry is expected to remain higher than other segments of the global financial sector, supported by very favourable demographics. Bahrain is strongly positioned at the forefront of this growth, establishing world-class regulation of Islamic financial services.”

Dr. Ahmed added “BIBF boasts the most robust range of Islamic finance training and educational offerings in the world, and is the content provider of choice for global institutions, including professional associations and leading universities. As such, BIBF continues to play a critical role in the development of human capacity for the Islamic finance industry, with a focus on a practitioner’s perspective that enables Islamic financial institutions to achieve their growth potential”.

Form his part, Mr. Khalil Al Meer, KHCB’s Chief Executive Officer, “Recently we have witnessed an increase in Islamic banks to 400 across 60 countries in the world. It has also observed 15% to 20% annual growth in the current decade. The Islamic bank assets has touched USD$ 2 trillion in the past two years. This great development in the Islamic banking industry, without any doubt is necessary to strengthen this industry in order to maintain the financial stability within all economies adopting high standards and best practises, which in turn provide a platform to the Islamic banking institutions. As a result of the same, we at KHCB prioritise developing this very important industry which has a tangible role in the local economy and we aim at maintaining its growth and stability. Amongst important initiatives, we have recently launched new training programmes that target developing the human resources employees in the Islamic Banking industry”

In line with the new developments in the economic scenario, he added, “This agreement with BIBF is in line with the bank’s vision to develop a qualified generation in the Islamic banking industry who are experienced with the standards of AAOIFI to ensure only the very best deliverables in the same field.

The Bahrain Institute of Banking and Finance will launch the first phase of the e-learning platform at the end of the year, which will include the AAOIFI Shari’ah standards. The remaining standards will launched in the subsequent phases over the next period of the year. BIBF also intends to take a large part of its existing training modules and qualifications online, further enhancing its reach beyond Bahrain and the GCC to the world over.