Tuesday, March 18, 2008

AAOIFI welcomes BMB Islamic as an associate member

BMB Islamic, one of the world's leading Sharia structuring and Islamic finance advisory firms, directed by a team of award-winning Sharia advisors is proud to announce the recent appointment of membership to the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Secretary General of AAOIFI, Dr Mohammed Nedal Al Chaar stated, 'We welcome BMB Islamic as an associate member of AAOIFI and appreciate their commitment to expand the frontiers of the Islamic finance industry through a continuous process of innovation built on sound and agreed upon Sharia principles. In addition, we look forward to cooperating closely with BMB Islamic in our endeavours on formulation of Islamic finance standards and development of the industry.'

The outstanding BMB Islamic team is led by the eminent Dr Humayon Dar, a leading Sharia technician and Islamic finance expert who has championed the cause of Islamic banking and finance in academia, the banking and finance industry, and different faith-based groups.

He commented, 'AAOIFI's services to the Islamic finance industry are numerous and growing. As an organisation combining financial and technological sophistication with Sharia authenticity through innovation, BMB Islamic has always wanted to work with AAOIFI. Our formal association with AAOIFI is bound to contribute to the good work being done by AAOIFI to standardise Islamic banking and finance practices.'

BMB Islamic works closely with a number of leading Sharia scholars who also sit on the Sharia Supervisory Board of AAOIFI. One such scholar, Dr Mohd Daud Bakar, considered to be the most prominent Sharia scholar in the Far East by industry analysts, commented, 'I am indeed delighted to know that BMB Islamic has joined hands with AAOIFI.

What pleases me even further is that this association has taken place at a time when BMB Islamic is heavily engaged in expanding the reach of Islamic finance industry to areas unearthed so far. Association with AAOIFI shall certainly prove useful in keeping the innovative endeavours of BMB Islamic in line with well-established and industry leading AAOIFI standards.'

Sheikh Hussain Hamid Hassan, Chairman of the Sharia Advisory Board of BMB Islamic affirmed, 'I am very pleased to learn that BMB Islamic is now an associate member of AAOIFI. With the impressive track record of Islamic financial innovation from the BMB Islamic team of experts and a long standing industry building trail of AAOIFI, I very strongly hope that this will help BMB Islamic to achieve its novel objectives in an even more efficient and refined manner.

Also, by being on AAOIFI membership platform, this will provide an opportunity to BMB Islamic and other members to work hand-in-hand and serve the cause of industry.'

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