Egypt’s Islamic Finance Association obtains Bahraini AAOIFI’s Licence

The Egyptian Islamic Finance Association (EIFA) obtained the licence from Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), EIFA’s Chairman Mohamed Al-Beltagy said Tuesday.

By this licence, the association is capable of conducting accreditation tests for bankers and auditors of Islamic banking on behalf of AAOIFI in Egypt, the chairman stated, the chairman told Amwal Al  Ghad.

The Accounting and Auditing Organization for Islamic Financial Institutions is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions and the industry.

It was established in accordance with the Agreement of Association which was signed by Islamic financial institutions on 1 Safar, 1410H corresponding to 26 February, 1990 in Algiers. Then, it was registered on 11 Ramadan 1411 corresponding to 27 March, 1991 in the State of Bahrain.

Al-Beltagy stated that a number of bankers have already applied to conduct the accreditation tests.

The chairman added that the Bahraini organization will provide the necessary training for the bankers and auditors before conducting the test. Passing the accreditation tests is considered as an international accreditation for those who work in the field of Islamic banking.

On other side, Al-Beltagy stated that the volume of Islamic banking in Egypt is estimated at around 8.9% at the end of 2014 and expected to reach 15% within the upcoming five years.