Kuwait City, Feb 07: Under the patronage of His Excellency Mr. Basil Ahmad Al-Haroun, Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Kuwait Institute of Banking Studies (KIBS), Ms. Rana Al-Nibari, Director General of KIBS, the “Certified Shari’ah Auditor Certificate” Program was launched in which employees working in the area of Shari’ah auditing at the Central Bank of Kuwait and a number of local banks participated. The local Kuwaiti banks include Kuwait Finance House (KFH), Kuwait International Bank (KIB), Ahli United Bank (AUB) and Boubyan Bank in addition to talents working in various entities. Developing employees in the area of Shari’ah auditing has become one of the most important topics in the Islamic banking and finance sector.

Mr. Basil Ahmed Al-Haroun stressed the importance of the program which aims to strengthen and secure compliance by Islamic banks with the rules of Islamic Shari’ah and its objectives. On December 20, 2016, the Central Bank of Kuwait (CBK) issued instructions regarding “Governance of Shari’ah Supervision in Kuwaiti Islamic Banks” that covered a set of elements regulating governance of Shari’ah oversight and other relevant topics.

Ms. Rana Al Nibari stated the following, “Shari’ah auditing is an essential component of Shari’ah supervision and governance. Studies have shown that the Kuwaiti market requires well-qualified talents with professional certifications in the field. It is necessary to make more efforts that contribute to upgrading the capabilities of Shari’ah audit staff in Kuwait.”

Owing to the significance of this sector, the Central Bank of Kuwait, in cooperation with the Kuwait Institute of Banking Studies, created the “Certified Sharia Auditor” certification. This certificate has been designed to cover the field of auditing in banks and other financial institutions including investment and insurance to achieve inclusion in the Islamic financial industry.

The program, which falls within the Kafa’a initiative led by the Central Bank of Kuwait with participation from local banks and managed by KIBS, is an opportunity to hone employees’ skills in the field of Shari’ah auditing. This certificate has been prepared based on best practices and the latest scientific materials in this regard. The Shari’ah Auditor Certificate is also accredited by the Central Bank of Kuwait and the Capital Markets Authority (CMA), the London Institute of Banking and Finance and the Kuwait Center for Islamic Economics.