Waqf Fund supports BIBF e-learning platform, agreement with AAOIFI

The Bahrain Institute of Banking and Finance (BIBF) recently received a financial support from the Waqf fund for the development of a holistic e-Learning platform that will revolve on the standards of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The platform will be an important 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 AAOFI standards globally and further expand the scope of the institute in broader markets.

BIBF signed an 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 global access to individuals interested in learning about the AAOIFI standards.

On this occasion, BIBF’s Deputy Director, Dr Ahmed AbdulGhani Al Shaikh, expressed his appreciation to this significant step for the development of human capital in the Islamic Finance industry. He stated “BIBF is a pioneer in the area of Islamic Banking and Finance training and education not only regionally, but also globally. Accordingly, this agreement is a major step as it addresses human resources requirements to support growth, based on sophisticated academic criteria and modern technology. Eventually, it aligns to serve BIBF’s strategic goal in terms of excellence and value-added education and training.”

For his part, Mr. Khalid Hamad, the Chairman of the Waqf Fund expressed the need of the Islamic Finance sector to focus on the development of human resources and innovation in the next phase of its growth. He added that the funding granted for the development of the BIBF e-learning platform was derived from this vision and hence is a necessity. Mr. Hamad stressed the importance of raising the level of excellence and standards of efficiency for Islamic finance human capital; to ensure sustainable growth and development of the banking industry overall.

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/GCC to the world over.