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NEWS

2024

1 March 2024: The Institute of Islamic Banking and Insurance (IIBI) in the United Kingdom has introduced two distance learning certificate courses for those wishing to have a basic understanding of the principles, products and services in Islamic banking and takaful, the alternative to Islamic insurance. These certificate courses are equivalent to Level 3 of the National Qualifications Framework of England, Wales and Northern Ireland of the United Kingdom. The unique feature of both courses is that candidates must pass an online Multiple Choice Questions examination in the form of a quiz to receive their Certificate in Islamic Banking and Certificate in Takaful.

1 March 2024: The Institute of Islamic Banking and Insurance (IIBI) in the United Kingdom has updated its website and for the first time the website is mobile responsive.

27 February 2024: The Director General of the Institute of Islamic Banking and Insurance (IIBI) in the United Kingdom was the guest of honour at the Certificate Giving Ceremony of the Professional Certificate Course in Islamic Banking (Batch 1) of the Bangladesh Institute of Islamic Finance (BIIF) held in Dhaka, Bangladesh. The certificates were issued jointly by BIIF and IIBI.

Mohammad Ali Qayyum, Director General IIBI (centre) with recipients of the Professional Certificate in Islamic Banking awarded by Bangladesh Institute of Islamic Finance in Association with the Institute of Islamic Banknig and Insurance (UK), in Dhaka, Bangladesh, 27 February 2024.

27 February 2024According to World Population Review, Islamic Finance and banking in Russia has high potential, its Muslim community makes up 13.5% (around 146 million) of its total population as at 2023, focused on mainly in four regions in the country. Russian Shariah finance (also referred to as participation finance in Russia) took some big strides in the past couple of years with the government’s support.

2023

4 December 2023: The CIPA – FAR exam of the Accounting and Auditing Organization For Islamic Financial Institutions (AAOIFI) Bahrain was held at the Institute of Islamic Banking and Insurance (IIBI) United Kingdom. The IIBI acts as the examination centre for their students in Europe and the UK. All exams were conducted online.

1 May 2023: According to S&P Global Ratings, the global Islamic finance industry is expected to grow by around 10 per cent in 2023-2024 despite the economic slowdown, after posting a similar expansion in 2022 (excluding Iran). The Gulf Cooperation Council (GCC) countries, notably Saudi Arabia and Kuwait, largely fueled this performance, supported by a large, one-off acquisition in the latter. Elsewhere, growth was either muted or held back by local currency depreciation. At the same time, sukuk issuance continued to spur the industry’s expansion despite slowing issuance volumes overall. While S&P generally expect volumes to diminish in 2023, they still believe that new issuance will exceed maturing sukuk, resulting in another positive contribution of the sukuk market to industry growth in 2023. The Islamic funds and takaful sectors are also likely to continue to expand.

2022

16 December 2022: As the world recovers from the after-effects of COVID-19, the growth of Islamic banking and finance continues in different parts of the world. It was certainly a productive year for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as a number of standards were finalised while a number of other initiatives progressed well. The capacity-building and awareness and advocacy initiatives were conducted successfully during the year. It is expected that the efforts of developing important standards shall continue during the year 2023 together with other capacity-building and awareness and advocacy  On capacity-building in 2023 the aim is to launch CIPA (Certified Islamic Professional Accountant) in Russian language as well as have it translated into other languages  including Turkish, Bahasa Indonesia and French. CIPA is of the two flagship qualifications offered by the AAOIFI. (IFN Islamic Finance News)

16 December 2022: During 2022, the International Islamic Financial Market (IIFM) focused on extensive industry consultation to assess and plan out  its standardization initiatives in line with industry developments and requirements in a robust manner with strict adherence to Shari’ah principles and rules. (IFN Islamic Finance News)