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Abu Dhabi on September 25
His Excellency Dr. Abdul Rahman bin Abdullah Al-Humaidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, said that Arab countries account for about 60 percent of the size of the global Islamic financial industry, which amounts to $3 trillion by the end of 2021.
His Excellency added, in opening a remote course on “Accounting Standards for Islamic Financial Institutions” in cooperation with the Islamic Development Bank, that building the capabilities of workers in this industry and the capabilities of the regulatory and supervisory authorities is a crucial element in the continuation of this industry’s momentum, growth and development.
His Excellency pointed out that setting accounting standards for Islamic finance institutions helps support the growth of the industry, achieves calibration and harmonization between Islamic financial practices among Arab countries, or between practices in Arab countries and international practices. It also leads to the transparency of accounting disclosure, the reliability and credibility of financial statements, and facilitates the work of institutions. Islamic Finance in view of the challenges it faces in applying international accounting standards due to the specificity of its work.
He stated that preserving the achievements achieved in the Islamic financial industry sector requires focusing on capacity building and developing human resources capable of absorbing and understanding this industry and its characteristics that distinguish it from the traditional industry.
He continued: “In order for the Arab Monetary Fund to support its member states in the field of capacity building, it has given special importance to the sectors of the Islamic financial industry by allocating part of its programs towards this important field, and in this context comes the organization of this session, which targets a precise field, which is accounting standards.” For Islamic financial institutions.
