The IFSB and AAOIFI to Jointly Organise a Seminar on the Prudential Implications of IFRS-9 and its FAS Equivalents for Islamic Financial Institutions

3 October 2019, Kuala Lumpur – The Islamic Financial Services Board (IFSB) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will be organising a free admission joint seminar themed “Prudential Implications of IFRS-9 and its Financial Accounting Standard (FAS) Equivalents for Islamic Financial Institutions” on 15-16 October 2019 in Manama, Bahrain.

The two-days seminar themed ‘Prudential Implications of IFRS-9 and its FAS Equivalents for Islamic Financial Institutions’ hosted by the Central Bank of Bahrain aims to engage participants with better understanding of the various implications and a way forward for the implementation of IFRS 9 and its equivalent FAS 30 by Institutions Offering Islamic Financial Services (IIFS).

The two-day Seminar will have the following sessions:

• Session 1: IFRS-9 and FAS-30 Implications for IIFS: Market perspective;
• Session 2: IFRS-9 and FAS provisions for IIFS: Accounting Perspective;
• Session 3: Prudential Implications of IFRS-9 and its FAS equivalents for IIFS: Regulatory Perspective;
• Session 4: IFRS-9 implementation and specific considerations for Islamic finance: Shari’ah Perspective;
• Session 5: Way Forward: Addressing the challenges and impact of implementing IFRS-9 and FAS by IIFS

Overall, the seminar aims to:

1. To discuss policy issues and a way forward in respect of the unique challenges posed by the IFRS-9 and FAS 30 for IIFS;
2. To gather insight and discuss the prudential and regulatory considerations in the implementation of IFRS-9 and FAS 30 by IIFS;
3. To discuss and identify the accounting and Shari’ah considerations in implementing the IFRS-9 and FAS-30 for IIFS.

The IFSB-AAOIFI joint seminar targets participants from among the mid to senior-level management, who seek to sharpen their skills and deepen their knowledge of the industry’s driving factors, as well as broaden their cross-border perspectives. Interested participants may register online at: https://www.ifsb.org/register_online.php?act=addnew&e_id=408.

Participation in this Seminar is free and for more information of the Seminar and to register, please visit www.ifsb.org or contact Mrs. Ida Shafinaz Ab. Malek at [email protected].