Islamic International Rating Agency organizes Shari'a Quality Rating Workshop

The topic of the Workshop was Shari'a Quality Rating (SQR).

The Workshop was addressed by Mr. Jamal Abbas Zaidi - CEO of Islamic International Rating Agency, Sheikh Dr. Abdul Sattar Abu Ghuddah - Shari'a Advisor, Dr. Muhammad Imran Usmani - Shari'a Advisor, Mr. Ijlal Alvi - CEO of International Islamic Financial Market (IIFM), Mr. Khairul Nizam - Senior Financial Analyst of Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) and Mr. Mahmood Al-Sheahabi - Senior Instructor of Bahrain Institute of Banking & Finance.

The speakers highlighted that the structure of the Islamic Financial Institutions (IFIs) is different from conventional banks. The IFIs are expected to achieve the two standards of financial performance and also the performance compliance with Shari'a principles. The speakers highlighted the importance of SQR in achieving good governance and compliance with Shari'a. The rating process was also discussed at length.

The benefits to be derived from SQR like higher credibility and transparency leading to greater investor confidence and customer loyalty were highlighted. The speakers also described the complimentary role of IIRA, AAOIFI and IIFM. The seminar was attended by many banks and financial institutions from GCC region.