ITS announced its sponsorship in the AAOIFI’s Annual Conference on Islamic Banking and Finance –the event took place 7 – 8 May, 2012 at the Grand Ambassador Sweet, The Diplomat Radisson Blu Hotel, Manama, Kingdom of Bahrain.

ITS Group contributed in the conference with a main speaker to discuss the some application of the technology for the Islamic financial Institutions through ETHIX financial solutions. ITS has also demonstrated successfully the company’s range of software solutions specifically catering to the ETHIX financial solutions.

​ETHIX financial solutions of ITS have assisted many banks and financial institutions to minimize their operational costs as responding to increased demands of customers for both traditional and Islamic products and services.

The event was attended by esteemed of speakers and high elite of Islamic banking and finance officials.

AAOIFI Secretary General and Chief Executive, Dr. Khaled R. Al-Fakih, added that “the conference brings together prominent Shari’a Scholars, senior representatives from central banks, regulatory authorities and financial institutions, and Islamic finance practitioners. It provides a platform for exchanging ideas and discussing issues especially those relating to AAOIFI’s efforts on standardization and harmonization. We have so far issued a total of 84 Islamic finance standards and are currently working on developing new standards and reviewing existing ones. Discussion at the conference will cover topics relating to some of these standards.”

The topics to be discussed at the conference include Shari’a compliance and supervision processes, continuing development of Islamic financial and capital markets, legal issues in Islamic finance, potential areas for further growth of Islamic finance, and development of human capital resources in Islamic finance.

The opening ceremony of the conference includes graduation for candidates who have recently passed AAOIFI’s Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs. Training programs for the current intakes of CSAA and CIPA candidates will also be held from 9 to 12 May 2012 following the conclusion of the conference.