KUWAIT CITY, November 11: Warba Bank, a leader in innovative and Sharia-compliant banking in Kuwait, announced its participation as a Gold Sponsor in the 22nd AAOIFI-Islamic Development Bank (IsDB) Conference, underscoring its commitment to advancing Islamic banking and supporting the development of Sharia-compliant financial products and services.

Held over two days between November 3 and 4, 2024, in Bahrain, the conference is organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in collaboration with the Central Bank of Bahrain and the Islamic Development Bank Group. The conference is a prominent platform for experts and decision-makers in the Islamic finance industry to discuss global trends and challenges in Islamic finance.

Led by the Executive Director of Sharia Management at the bank, Mr. Abdullah Abdulrahim Fakhro, Warba Bank’s delegation took part in sharing insights and exchanging solutions with other professionals in Islamic banking.

Fakhro emphasized the importance of continued research and development to address challenges in the sector and highlighted Warba Bank's digital Sharia-compliant services, such as its Zakat calculator for gold and stocks, and its interactive fatwa services available on the bank’s app.

Centered around the theme “Leveraging Islamic Finance to Build a Sustainable, Efficient and Resilient Halal Ecosystem for Muslim Economies,” the conference was also supported by numerous Islamic financial institutions and academic organizations as it aimed at encouraging knowledge-sharing within the Islamic finance community.

Founded in 1991 in Bahrain, AAOIFI has issued over 100 standards in accounting, auditing, ethics, governance, and Sharia compliance which are recognized as binding or recommended by central banks and financial authorities across several countries. These standards are widely adopted by leading Islamic financial institutions, asset managers, and legal offices across over 45 countries, promoting a strong foundation of harmonized practices globally.

Having achieved significant milestones in a short period, Warba Bank has acquired a leading position as a provider of innovative digital banking services to individuals and businesses. The Bank is also one of the local banks with the highest number of shareholders, further strengthening its commitment to serving every segment of the local community.