Under the agreement, AAOIFI will support the development of specialised modules and certification programmes hosted through BIBF’s training infrastructure in the Kingdom of Bahrain. The partnership is designed to align with AAOIFI’s mandate of standard-setting for Islamic financial institutions worldwide and BIBF’s role as a key educational institution for the regional financial services industry. AAOIFI is a Bahrain-headquartered non-profit that issues Shari’ah, accounting, auditing and governance standards for Islamic finance institutions. It also delivers professional qualifications such as the Certified Islamic Professional Accountant and Certified Shari’ah Adviser and Auditor.
BIBF, established in 1981 and affiliated with the Central Bank of Bahrain, already offers more than 400 courses in banking, accounting, Islamic finance, insurance and IT, supporting the kingdom’s finance sector workforce. The newly signed agreement builds on BIBF’s existing e-learning platform which already presents AAOIFI Shari’ah standards via video tutorials, indicating a deepening of collaboration.
Key industry players welcomed the development as timely. Dr Rizwan Malik, Head of the Islamic Finance Centre at BIBF, pointed out that “strengthening human capacity is a critical enabler for the growth of Islamic finance in the face of evolving regulatory, technological and global pressures”. A prominent AAOIFI source described the initiative as “a deliberate move to embed best practice standards across the region’s talent pipeline”.
The move comes amid accelerating transformation across the Islamic finance industry, which is grappling with issues such as rising benchmark interest rates, sustainable finance integration and fintech disruption. At the 18th AAOIFI-IsDB Annual Islamic Banking and Finance Conference held in Manama, participants discussed how Islamic financial institutions must adapt to infrastructure finance, climate-linked investments and evolving Shari’ah compliance demands. AAOIFI used that forum to sign memoranda of understanding with several institutions including BIBF.
Under the new partnership the first phase will focus on curriculum design, jointly-certified modules and digital delivery enhancements. BIBF intends to roll out an updated e-learning suite by year-end, incorporating the latest AAOIFI Shari’ah standards into its training catalogues. The second phase aims to create thought-leadership initiatives, research collaborations and advanced professional tracks for senior practitioners and Shari’ah board members.
Market observers consider this alliance significant because it signals a shift from piecemeal training offerings towards full-scale capacity-building aligned with global standard-setters. Regions such as Southeast Asia, Africa and South Asia have in past years referred to AAOIFI standards for guidance, and the enhanced involvement of a regional training hub may accelerate standard adoption across jurisdictions. However, some analysts caution that widespread impact will depend on how effectively the curriculum is adapted for diverse markets, especially where regulatory adoption of AAOIFI standards remains optional rather than mandatory.
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