11^th–12^th November 2024, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have successfully conducted their second online interactive technical workshop focusing on Zakah. This two-day workshop, conducted in Arabic, brings together industry professionals to explore foundational principles, implementation strategies, and emerging challenges related to Zakah in Islamic finance.

Due to the high demand from Arabic-speaking professionals, this workshop expanded on the success of last year’s English-language session. Participants delved into discussions and case studies to enhance their understanding of Zakah in Islamic financial institutions, highlighting CIBAFI and AAOIFI’s dedication to strengthening capacity in the Islamic finance sector.

Dr. Abdelilah Belatik, Secretary General of CIBAFI, stated: “Our collaboration with AAOIFI on this workshop reflects our shared vision to enhance Islamic finance’s role in social and economic development. This initiative demonstrates our commitment to advancing knowledge in Islamic social finance and provides a vital platform for participants to strengthen their understanding and application of Zakah in their institutions.”

Mr. Omar Mustafa Ansari, Secretary General of AAOIFI, remarked: “Zakah is one of the standard-setting areas of AAOIFI which is integral in safeguarding and enhancing the integrity of the Islamic finance industry in mandatory distribution of wealth to the deserving. We are pleased to cooperate with CIBAFI for conducting this workshop which I hope will prove to be immensely beneficial for the participants. I strongly encourage the industry to adopt the AAOIFI standard on Zakah for their respective jurisdictions and make such trainings mandatory for all those working in the industry”.

The workshop was inaugurated with a welcoming speech by Ms. Zainab Al Owainaty, Director of Administration and Finance at CIBAFI, alongside Dr. Mugees Shaukat, Senior Manager at AAOIFI. They emphasized the commitment of both organizations to developing specialized human resources that keep pace with changes in the financial sector and achieve excellence in all areas, particularly in the field of zakat, which is a fundamental pillar of Islamic finance.

The workshop was expertly facilitated by distinguished leaders in the field: Mr. Feki Dhia Eddinne, Chief Financial Officer at Al Baraka Bank Tunisie; Dr. Mufti Yousuf Sultan, Founder and CEO, Adl Advisory; and Mr. Mohamed Achraf Boudaya, Head of the Tunisian Association for Zakat Sciences. Their combined expertise provided participants with invaluable insights and a comprehensive understanding of Zakah in Islamic financial institutions.

This technical workshop underscores CIBAFI and AAOIFI’s commitment to professional development, aimed at enhancing the capabilities of staff in Islamic banks, financial institutions, regulatory authorities, and among practitioners. By focusing on capacity building, the workshop supports the growth and expertise of professionals within the Islamic finance industry.