Islamic Research and Training Institute (IRTI), an entity of IDB Group, conducted a training on Shari’ah Standards for Islamic Finance Institutions in Jakarta on 5-9 September 2016 in cooperation with the Ministry of Finance, Government of Indonesia. The training aimed at imparting a comprehensive understanding of Shari’ah standards at all level of Islamic Banks and enabling the participants to gain an in-depth understanding of how classical Islamic financial contracts have been adapted to cater the complexities of modern business and commerce. The training was attended by approximately 40 participants comprised of primary and mid-level bankers, practitioners and policy makers working in financial and government institutions.

The focus of the training was the standards as formulated and approved by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) covering about forty various Islamic modes of finance. The training covered subjects including the Shari’ah standards, principles of Islamic finance, principles of contracts in Islamic transactions, and complete set of AAOIFI Shari’ah Standards Governing the Operations of Islamic Financial Institutions. The participants also discussed international and Indonesia case studies. (Picture: IRTI)