Kuwait Banking Association participated as a main sponsor in the 9th Shura-AAOIFI Shari’a Audit Conference, which began on Sunday, April 13, 2025, and continued until April 15. The conference was held under the patronage of Her Excellency Marwa Al-Jaidan, Acting Undersecretary of the Ministry of Commerce and Industry, and witnessed the broad participation of a select group of experts and leaders in the Islamic financial and banking sector, along with representatives from government agencies and regulatory bodies.
During the opening session, Prof. Yaqoub Al-Sayed Yousef Al-Rifaei, Secretary General of the Kuwait Banking Association, delivered a speech in which he emphasized the importance of external Shari’a auditing as a fundamental pillar of good governance in Islamic financial institutions. He also highlighted its pivotal role in enhancing transparency and credibility, ensuring that banking activities comply with Shari’a provisions, and comply with relevant local and international laws and regulations.
Al-Rifaei explained that the conference comes at a critical juncture in the Islamic financial industry, where rapid developments are taking place. This calls for the development of Shari’a oversight mechanisms and the advancement of auditing practices to ensure a more efficient, reliable, and sustainable Islamic banking environment.
Al-Rifaei also commended the role played by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Shura Sharia Consulting Company in organizing this specialized event, which provided a high-level platform for exchanging experiences and discussing challenges and practices in the field of Sharia auditing.
Al-Rifaei concluded his remarks by emphasizing that the outcomes of the conference and its accompanying workshops represent a real opportunity to advance the development of Sharia governance and enhance integration between financial institutions and regulatory bodies, contributing to building a more robust and transparent future for the Islamic banking industry.
Sheikh Abdullah Tariq Al-Shuaib, Chairman of the Sharia Departments Committee at the Kuwait Banking Association, also participated in the conference and chaired a session titled “Professional Requirements for Licensing Sharia Auditing.”
For his part, Al-Shuaib stated, “Such conferences and forums have always had a significant positive impact on the development and growth of the Sharia auditing industry in the State of Kuwait. They shed light on the most important issues related to the Sharia auditing profession in particular, while addressing aspects of interest to all stakeholders, whether those interested in Islamic banking or regulatory and supervisory bodies in general.”
Al-Shuaib pointed out that these forums contribute to the advancement of the Sharia auditing and Sharia oversight profession and contribute to developing aspects of the profession. They also serve as a forum for specialists and practitioners, including Sharia auditors and supervisors, to discuss common issues and provide opportunities for networking and rapprochement among those working in the Sharia auditing profession.
Al-Shuaib also commended Shura’s commitment over the past years to holding Sharia auditing conferences, leading up to the 9th AAOIFI Sharia Auditing Conference, titled “Sharia Auditing: Establishing the Profession and Exploring New Horizons.”
Regarding the discussion topics raised by the 9th AAOIFI Sharia Auditing Conference, Al-Shuaib expressed that the conference sessions addressed important issues and contributed to defining certain perspectives that help shape the future vision of this prestigious profession.
