Members of the Philippine Ulama Congress are participating in a comprehensive five-day training program on AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) Shariah Standards in Islamic Finance.
The training will be held from November 11 to 15, 2024, the program is supported by the Asian Development Bank (ADB) and the Islamic Finance Advisory and Assurance Services (IFAAS).
This milestone training focuses on essential topics like accounting, auditing, and Shariah compliance standards for Islamic financial institutions.
By building expertise in these areas, the program marks a significant step toward enhancing the Islamic finance infrastructure in the Philippines.
The AAOIFI Shariah Standards are internationally recognized guidelines that help Islamic financial institutions align their operations with Shariah principles, ensuring transparency, ethical practices, and compliance.
For the Philippine Ulama team, this training opens up avenues for advancing financial inclusion and bringing Shariah-compliant banking solutions to Filipino communities.
In the Philippines, the growth of Islamic finance is seen as a key component for supporting underserved communities, particularly those in Muslim-majority regions. With financial institutions increasingly adopting Islamic finance frameworks, the hope is to provide equitable financial services that meet both economic and ethical needs.
The training, a collaborative effort by ADB and IFAAS, not only strengthens local knowledge but also establishes pathways for bridging gaps in financial inclusion through Shariah-compliant banking. This step is seen as essential for building a robust and inclusive financial ecosystem in the country.
As Islamic finance continues to gain momentum, this program emphasizes the commitment to professional development, supporting the goal of a financially inclusive Philippines aligned with international Shariah standards.
