KUWAIT CITY, April 13: The Institute of Banking Studies (IBS) has launched the sixth batch of the Certified Sharia Financial Auditor (CFA) Program, under the patronage of the Central Bank of Kuwait (CBK) Governor and IBS Chairman, Basel Al-Haroun.

In a press statement issued on Sunday, the Institute stated that the program is part of the "Efficiency Initiative," which was launched by the CBK in collaboration with Kuwaiti banks and is managed and implemented by the IBS.

CBK Governor Al-Haroun emphasized the significance of the program in enhancing the effectiveness of Sharia auditing within Sharia-compliant financial institutions. He noted that Sharia auditing is a core element of governance in Islamic finance, especially amid the ongoing developments in the Islamic banking sector and the banking industry as a whole.

He added that the program plays a key role in developing professionals in the field of Sharia auditing, a vital area for those working in Islamic financial and banking institutions. The program is designed to strengthen and ensure compliance with the principles and objectives of Islamic Sharia.

Al-Haroun also referred to the CBK’s issuance of regulations on December 20, 2016, concerning Sharia oversight governance in Kuwaiti Islamic banks. These regulations outlined several key components governing Sharia supervision and related areas.

The program was inaugurated by IBS Director General Rana Al-Nibari and was attended by professionals working in the field of Sharia auditing in Kuwaiti Islamic banks, external Sharia audit firms, and offices, as well as participants from various other entities.

According to the statement, Al-Nibari highlighted that Sharia auditing is a fundamental pillar of Sharia oversight and governance, reinforcing the importance of delivering high-quality, professional training for human resources in this field. She emphasized the need for increased efforts and initiatives to further develop the competencies of Sharia audit professionals in Kuwait.

In collaboration with the CBK, the Institute of Banking Studies developed the Certified Sharia Auditor certification, which covers auditing across banking and financial institutions, including investment and insurance activities. This ensures a comprehensive approach to the Islamic finance industry's diverse sectors.

Al-Nibari also noted that the certificate was developed using best practices and the latest academic resources. It is officially accredited by the Central Bank of Kuwait, the Capital Markets Authority, and the London Institute of Banking and Finance.