Arab countries account for 60% of the global Islamic finance industry

Dr. Abdul Rahman Bin Abdullah Al Humaidi, Director General and Chairman of the Board of Directors of the Arab Monetary FundHe said Arab countries account for about 60 percent of the global Islamic finance industry, which amounted to $3 trillion at the end of 2021.

He added, when opening a distance course on “Accounting Standards for Islamic Financial Institutions” in cooperation with the Islamic Development Bank, that developing the capabilities of workers in this industry and the capabilities of regulatory and supervisory authorities is a crucial element for the continued momentum, growth and development of this industry.

Al-Humaidi He noted that establishing accounting standards for Islamic financial institutions helps support the growth of the industry, achieves calibration and harmonization between Islamic financial practices among Arab countries, or between practices in Arab countries and international practices. It also leads to transparency of accounting disclosure, reliability and credibility of financial statements and facilitates the work of Islamic financial institutions in view of the challenges they face in applying international accounting standards due to the specificity of their work.

He stated that maintaining the achievements of the Islamic finance industry requires focusing on capacity building and developing human resources with the skills and knowledge to work in this unique industry.

He continued,

“To support its member states in capacity development, the Arab Monetary Fund has prioritized the Islamic finance industry by allocating part of its programs to this important field. In this context, the Fund has organized this session on accounting standards for Islamic financial institutions.”

News source: Emirates News Agency