The Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Institute of Banking Studies, Basel Ahmed Al-Haroon, announced the launch of the seventh edition of the Certified Sharia Auditor program. The program contributes to strengthening the governance of Sharia supervision in Islamic banks in Kuwait and reinforces the foundations of Sharia auditing in these banks. It is one of the programs under the “Kafa’a” initiative launched by the Central Bank in cooperation with Kuwaiti banks, and it is managed and implemented by the Institute of Banking Studies.
The Governor highlighted the importance of the program, which is designed to enhance the efficiency of Sharia auditing in financial institutions compliant with Islamic law. Sharia auditing is considered a fundamental component of Sharia governance, especially in light of the ongoing changes in the Islamic banking sector and the banking industry as a whole. He noted that the need for more qualified personnel in the field of Sharia auditing, along with the development of current professionals’ capabilities, has been a key driver behind the launch and success of this program. He also pointed to the strong turnout witnessed in previous editions, which have provided Islamic banking institutions with distinguished national talents who have successfully met all requirements to obtain this certification. This certification has become mandatory for practicing Sharia auditing in Islamic banking and financial institutions supervised by the Central Bank of Kuwait and the Capital Markets Authority.
The Governor added that developing technically and professionally qualified human resources across all aspects of financial, economic, and banking work in Kuwait—including Islamic financial services—is a strategic priority for the Central Bank of Kuwait. Accordingly, there is a strong focus on supplying the banking and financial sector with highly trained and qualified professionals in key areas essential to the functioning of the banking system, as well as developing human capital capable of driving further growth and leadership in Kuwait’s banking industry.
It is worth noting that on December 20, 2016, the Central Bank of Kuwait issued its instructions regarding “Sharia Governance in Kuwaiti Islamic Banks.” These instructions included a comprehensive framework governing Sharia supervision, covering general requirements, governance principles, and the roles of the board of directors, executive management, and the Sharia supervisory board. They also addressed internal and external Sharia auditing, its scope and objectives, as well as the conditions and qualifications required to perform Sharia auditing. Passing the Certified Sharia Auditor certification is considered a mandatory requirement for entities under the supervision of the Central Bank of Kuwait and the Capital Markets Authority that operate in compliance with Islamic law.
The Governor concluded by highlighting the key features of this certification, which focuses on both the theoretical knowledge related to the Islamic finance industry and the practical, applied aspects of Sharia auditing, in line with best practices and the latest academic materials in this field.
For more information about the Certified Sharia Auditor certification and registration, please visit the website: kafaakw.org
