Al Salam Bank teams up with AAOIFI as Diamond Sponsor for the Sixth Shari'a Conference for Islamic Banking and Finance Institutions

The conference will be held at the Radisson SAS Diplomat Hotel Bahrain, on 14 and 15 January 2007 and is organized by the Accounting and Auditing Organization for Financial Institutions (AAIOFI).

Professional Team Members from Al Salam Bank Bahrain will be attending and participating in the two day conference which will discuss various crucial topics relevant to the Islamic Banking industry and Sharia' issues such as comparative study of the banking laws governing Islamic financial institutions, exchange contracts and model forms of contracts to be used as Islamic banking tools. The conference will also discuss the proposed ideas for a common prototype of the rules governing the operation of Shari'a Supervisory Boards and other topics.

Commenting on the participation and sponsorship, Mr. Yousif Taqi, Chief Executive Officer, said "We at Al Salam Bank value the important of the leading role of Shari's supervisory boards of Islamic financial institutions. Therefore, the bank is keen to provide full support for such conferences. It is an opportunity to keep in touch with the the market updates and the latest development in the banking industry".

Taqi added, "The Shari'a Supervisory Boards of Islamic Financial Institutions conference endorses the role played by the Kingdom of Bahrain as the main hub for Islamic banking and financial institutions in the region due to the huge number of expertise who will participate and present various papers. This reflects the advanced position Shari'a Supervisory Boards have reached in Islamic Banking industry and in contributing to the trendy financial Islamic Banking products according to Sahria' compliance.

Mr. Taqi also said, "Shari'a Supervisory Boards play a major part in the compliance between banking and Shari'a, and the role of such important events is that it links and allows scholars and bankers to meet face to face to discuss the future of this industry''.

Islamic banks and financial institutions are becoming the core pillar in the economy growth of various countries and particularly Bahrain for it is contributing effectively to the ongoing Development projects. The Shari'a Supervisory Boards of Islamic Financial Institutions conference is an opportunity for professionals, Shari'a pioneers, and economist to meet and exchange views in the Islamic Banking Industry.