REGULATORY - AAOIFI names new Sharia panel member

MANAMA: The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has appointed Dr Abdul Sattar Al Khuwaildi a member to its Sharia committee. "As part of its ongoing efforts to build a team of high calibre and experienced specialists, AAOIFI, represented in the general secretariat, has appointed Dr Al Khuwaildi as a new member to the Sharia committee which was formed in Dubai as part of the Sharia board's functions," said AAOIFI secretary-general Dr Mohamad Nedal Alchaar. "The appointment comes in response to a recommendation by scholars and members of the Sharia board. "The selection and appointment of Dr Al Khuwaildi is based on his considerable expertise in the areas of Islamic banking consulting, studies and research. The knowledge and experience of Dr Al Khuwaildi will be a high-value addition to AAOIFI, which will help in the further development of the standards setting mechanism and the creation of new Islamic banking and finance instruments based on the use of financial engineering concepts and principles." AAOIFI recently appointed Shaikh Aflah bin Ahmed Al Khalili and Shaikh Walid bin Hadi to the Sharia board to have a broader representation of Islamic sects. Dr Al Khuwaildi has been the secretary-general of the Dubai-based International Islamic Centre for Reconciliation and Arbitration since 2007. The centre was set up to help resolve financial and commercial disputes between financial or commercial institutions or between such institutions and their clients through reconciliation or arbitration in accordance with Sharia principles and rules. Source : http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=287235 - Sept 21, 2010