Economy

The conclusion of the Sharia audit conference on Islamic banks in Turkey

Istanbul (INA) – Yesterday, Sunday, in the Turkish city of Istanbul, the activities of the Sixth Sharia Auditing Conference on Islamic Banks and Financial Institutions were concluded. More than 70 experts in Sharia supervision from 15 countries participated in the conference, which was organized by the Shura Company for Sharia Consulting (Kuwaiti private), in cooperation with Sabah Al-Din Zaim University (a Turkish endowment). The conference aimed to form a general opinion among those working in Sharia auditing, based on unified theoretical and professional foundations, and to advance the profession of Sharia auditing and supervision. A statement issued by the organizing body of the conference said: The conference appreciates the rapid growth of participatory banking in Turkey, and the support it received from its official authorities. He called on Turkey to continue issuing legislation, instructions and regulations regulating the work of participatory banks and Islamic financial institutions. He pointed out the importance of participatory banks in Turkey strengthening the Sharia supervision site and providing it with adequate human cadres, in addition to qualifying and continuing its development, in light of the guidelines issued by the Islamic Financial Services Board, and the control standards issued by the Accounting and Auditing Organization for Financial Institutions. The statement recommended that Islamic financial institutions that include Sharia audit departments link their administrative affiliation with the Audit Committee of the Board of Directors directly, with the need to pay attention to Sharia audit departments within the administrative institution system, and enable them to perform their assigned duties, by developing the skills of Sharia auditors and qualifying them with sufficient qualifications. They can familiarize themselves with the legal controls. He stressed the need for universities to contribute to the design of academic curricula, based on the usual scientific research foundations, whether at the undergraduate or graduate level, taking into account the needs of the Sharia auditing labor market, in cooperation with participatory banks and Islamic financial institutions. The statement considered that the certificates currently offered for Sharia audit need to be re-examined in order to develop them scientifically and professionally. There are 52 banks operating in Turkey, distributed between 3 government banks, 10 private banks, 21 foreigners, 13 investment banks and 5 Islamic banks. (End) pg/h p

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