Prof. Yaqoub Al-Refaei, Director General of the Kuwait Institute of Banking Studies (KIBS), announced KIBS’ plan to launch a series of specialized professional certification programs in the fields of Islamic banking and Shariah auditing. This initiative is in response to the growing needs of Islamic banks and external Shariah auditing firms, aligning with the professional requirements outlined in the Central Bank of Kuwait’s standards for Shariah governance and oversight in Islamic banks.
To support this, KIBS has strengthened its communication channels by collaborating with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Bahrain to offer the international examination for the Certified Shari’ah Advisor and Auditor (CSAA) certification on May 24, 2017. This certification is issued by AAOIFI, established in 1991 and headquartered in Bahrain. AAOIFI is one of the pioneering non-profit organizations in the global Islamic financial services industry and has made significant professional achievements, including issuing 94 standards in accounting, auditing, business ethics, governance, and Shariah compliance. These standards have been adopted by central banks and financial authorities in various countries, becoming either mandatory or advisory. Leading Islamic financial institutions worldwide currently apply AAOIFI’s standards, providing a higher degree of uniformity in global Islamic financial practices.
Additionally, KIBS has signed a cooperation agreement with the General Council for Islamic Banks and Financial Institutions (CIBAFI) in Bahrain to offer its professional certifications and internationally recognized examinations. This includes specialized certifications outlined by Shariah governance standards. KIBS intends to offer a preparatory program for the Certified Islamic Specialist in Sharia Auditing (CISSA) certification from April 16 to 20, 2017, followed by the international exam.
Al-Refaei emphasized that KIBS continues to lead in banking and Shariah compliance education within Islamic banking. Among these initiatives is the annual offering of the Certified Islamic Banking and Financial Services (CIBFS) certification, which is accredited by CIBAFI in Bahrain. This certification will be launched for the tenth consecutive year on March 5, 2017. It is a comprehensive program covering Islamic banking, Shariah auditing, accounting, financial analysis, credit management, and risk.
Al-Refaei concluded by reiterating KIBS’ commitment to staying updated with the latest training developments and supporting banks in fulfilling the modern requirements of supervisory authorities. He also highlighted KIBS’ readiness to address all inquiries and challenges faced by participants in its programs.
