In striving towards further coordination and cooperation with general bodies and councils of Islamic banks and financial institutions, the Secretary of the International Islamic Fiqh Academy, H.E. Prof. Koutoub Sano, held on 7 Rabi` al-Akhir 1442, corresponding to 22 November 2020, a coordination meeting via video-conference with their Eminences Dr. Abdulilah Belatik, SG of the General Council for Islamic Banks and Financial Institutions, Prof. Omar Mustafa Al Ansari, SG of the Accounting and Auditing Organization of Islamic Financial Institutions of Bahrain, and Dr. Bello Lawal Danbatta, SG of the Islamic Financial Services Board of Kuala Lumpur.

His Excellency opened the meeting by thanking the participants for having responded the Academy’s invitation and initiative. His Excellency also conveyed to them the greetings of the President of the Academy, H.E. Sheikh Saleh bin Abdullah bin Humaid.

In his welcome address, H.E. Prof. Koutoub Sano emphasized the importance and necessity of coordinating efforts among Islamic financial organizations and institutions on the one hand, and between these organizations and institutions and the International Islamic Fiqh Academy on the other hand. His Excellency also mentioned that one of the most important objectives of the Academy is to work towards close integration, transparent cooperation and permanent coordination among the fatwah bodies and councils, whether the fatwahs are related to financial transactions, or to family, education, thought, and culture, in view to realize the vision of the Academy as the first jurisprudential reference to the Muslim world and Muslim societies, assigned with clarifying the provisions of Shariah on issues of concern to Muslims in all areas of life. His Excellency stated that during four decades, the Academy, thanks to Allah the Almighty, has been able to issue 238 jurisprudential resolutions on various issues of our times.

His Excellency invited the secretaries of the Shariah councils and committees to participate in the sessions of the Academy, especially in the coming 25th session. His Excellency also invited these bodies to suggest topics and titles to include in the next session.

His Excellency concluded by stressing that the Academy is ready to support the coordinating efforts and scientific bodies at all levels, and by calling on the bodies to take advantage of the Academy’s resolutions, which have issued by the jurists of Muslim schools of law, as these resolutions are considered meticulous and flawless.

In his speech, H.E. Dr. Abdelilah Belatik congratulated H.E. Prof. Koutoub Sano on his assumption of duties as Secretary-General of the Academy, wishing him every success in his duties, and also thanked His Excellency for this meeting, which is needed from time to time by financial bodies and institutions. His Eminence confirmed the readiness of the General Council for Islamic Banks and Institutions to cooperate with the International Islamic Fiqh Academy. He stressed in this context the importance of creating an open platform for coordination and cooperation to enable everyone to benefit from publications in the field of Islamic banking and finance.

H. Em. Dr. Bello Lawal Danbatta, SG of the Islamic Financial Services Board, for his part said that the Council has coordinated with the Islamic Development Bank on many of the standards it conveys to the regulatory and supervisory boards. His Eminence also commended cooperation with the Academy in all areas in response to the initiative of the Secretary-General of the Academy, which was well appreciated by His Eminence.

On the other side, H. Em. Prof. Omar Mustafa Al-Ansari, SG of the Audit and Accounting Authority for Islamic Financial Institutions (AAOFI), congratulated the Secretary-General of the Academy wishing him continued success. His Eminence stressed the importance and necessity of cooperation and coordination with the Academy. His Eminence suggested the establishment of a Global Shariah Council under the umbrella of the Academy to coordinate among the Islamic financial councils for the benefit of the Muslim Ummah and to achieve harmony and integration among financial bodies and institutions.

At the end of the meeting, H.E. the Secretary-General of the Academy, thanked everyone for their participation and suggestions; and pledged to organize more symposia and meetings to strengthen cooperation and communication relations.

It is worth noting that the Islamic Financial Services Board (IFSB) is an international standard-setting committee for regulatory and supervisory bodies, and the Accounting and Auditing Organization is concerned with setting Shariah and accounting standards for Islamic banks and financial institutions: meanwhile both bodies benefit from the resolutions and recommendations of the Academy.