CENTRAL BANK BECOMES AAOIFI MEMBER, SIGNS AGREEMENTS IN MANAMA, BAHRAIN

By M.A. Egge

The Governor of the Somaliland Central Bank Dr. Eng Ali Abdillahi Dahir participated in a conference jointly organized by the Central Bank of Bahrain, the AAOIFI and the Islamic Development Bank, which opened on November 27th, 2022, in Manama, Bahrain.

This meeting was attended by delegates reaching up to 500 members from the financial institutions that are members of the AAOIFI.

The Accounting and Auditing Organization for Islamic Financial Institutions, abbreviated as AAOIFI, is a group of more than 45 governments that issue standard guidelines for Islamic financial institutions, which today the Central Bank of the Republic of Somaliland, became a full member of the AAOIFI member countries, after fulfilling all the requirements for becoming a member of the AAOIFI.

During the meeting, Somaliland Central Bank entered into two parts of various agreements with AAOIFI.

Part One Agreement

1. That the Somaliland Central Bank be a center to enter the Examinations of the Fellowship Programs set/provided by the AAOIFI Organization to develop knowledge.
2. CSAA (Certified Sharia Advisor and Auditor)
3. CIPA (Certified Islamic Professional Accountant)
4. CPFAS, (Certified Proficiency in Financial Accounting Standards).

Part Two Agreement

1. That the AAOIFI Agency be established with the Somaliland Central Bank a Central Sharia Supervisory Board, which will be affiliated to the Central Bank
2. That the Somaliland Central Bank and the International Organization of AAOIFI cooperate in the field of research.
3. That the international agency AAOIFI conducts programs to improve the quality of Central Bank employees.