Participation of Firuz Sharifzoda, Deputy Chairman of National Bank of Tajikistan in the Annual meeting of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

The 18 th Annual high-level conference on Islamic banking and finance was held by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank (IsDB) in Manama, Kingdom of Bahrain on November 29-30, 2023. Firuz Sharifzoda, Deputy Chairman of National Bank of Tajikistan has participated in the conference presenting the country's banking system at the international level especially the issue of Islamic banking development.

It is worth noting that the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is one of the most reputable international institutions that through the development and publication of modern international standards in various aspects of the Islamic finance such as determining the requirements of Sharia standards, accounting, auditing, management, ethics, etc. contribute to the development of Islamic finance.

Within the framework of this conference, Firuz Sharifzoda held several useful meetings in the Kingdom of Bahrain with Chairman of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Sheikh Ibrahim bin Khalifa Al Khalifa, General Director of Islamic Financial Services Council Mr. Bilal Danbatta, Chairman of Central Bank of Bahrain Mr. Rashid Muhammad Al Maraj and Head of “Financial House of Kuwait” Mr. Abdul Hakim Alhayyat.

In these bilateral meetings, the process of implementing Islamic banking in Tajikistan, the cooperation of National Bank of Tajikistan with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as well as the pressing issues of Islamic finance such as the exchange of experience in banking supervision, development of stock exchanges, Islamic insurance market (takaful), opening of Islamic credit organizations in Tajikistan and introduction of Islamic mortgages were discussed.

It is worth noting that every year the staff members of Islamic banking supervision body of the National Bank of Tajikistan participate in seminars, webinars and round tables held by the Organization of Accounting and Auditing for Islamic Financial Institutions (AAOIFI).

Using the international standards of the AAOIFI, the Law of the Republic of Tajikistan "On Islamic Banking" was approved in 2014, and based on this law, more than 27 guidelines and regulations on regulation and control of Islamic banks, Islamic microfinance institutions, Islamic banking windows, risk management, procedures for establishment and operation of the Islamic financing service committee, etc. were developed and approved. These regulatory acts are the main basis for regulating and controlling the activities of Islamic credit institutions, and they are the factor of establishment of 3 Islamic credit organizations, which serve their customers by offering Islamic banking products.

Currently, several financial credit institutions of the country have submitted a package of documents to the National Bank of Tajikistan with the aim of obtaining a license to carry out Islamic banking activities.
Participation in such conferences is important for popularizing application of Islamic banking in the Republic of Tajikistan, it provides a favorable basis for attracting investments to the banking system, and at the same time it is considered effective for the promotion of regulation and control of regulatory activities of National Bank of Tajikistan.