ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman Bin Abdullah Al Humaidi said that Arab countries account for about 60 percent of the global Islamic financial industry, which amounted to US$3 trillion by the end of 2021.
Al Humaidi made the statement while opening a remote course on “Accounting Standards for Islamic Financial Institutions” in cooperation with the Islamic Development Bank.
He said that building the capabilities of workers and the capabilities of the regulatory and supervisory authorities is a crucial element in the continuation of this industry’s momentum, growth and development.
Al Humaidi said that setting accounting standards for Islamic finance institutions helps support the growth of the industry, achieves calibration and harmonization between practices in Arab countries and international practices.
It also leads to the transparency of accounting disclosure, the reliability and credibility of financial statements, and facilitates the work of Islamic finance institutions in view of the challenges they face in applying international accounting standards in their work.
He said that maintaining the Islamic financial industry’s achievements requires focusing on capacity building and developing human resources with the skills and knowledge to work in this industry.
Al Humaidi said, “To support its member states in capacity building, the Arab Monetary Fund has prioritized the Islamic financial industry by allocating part of its programs to this important field.”
He said, “In this context, the Fund has organized this session on accounting standards for Islamic financial institutions.”
