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New edition of program part of ‘Kafa’a Initiative’
KUWAIT CITY, Nov 21: The Central Bank of Kuwait on Sunday launched the the Fourth Round of the “Certified Shari’ah Auditor” Program in an effort to enhance governance of (the Islamic) Shar’iah (law) supervision in Islamic banks in Kuwait and reinforce Shari’ah-compliant auditing in such banks. The CBK organized the new edition of the program as part of “Kafa’a Initiative” – launched by the CBK in collaboration with Kuwaiti banks and managed by the Institute of Banking Studies (IBS). In a statement Dr. Mohammad Y. Al-Hashel, the CBK Governor and the IBS Chairman, said the program aimed at strengthening auditing in the Islamic Shari’ah-compliant financial institutions, particularly in light of the changes in the Islamic banking sector and the banking industry in general.
Dr. Al-Hashel added that the program was organized to meet the need for more qualified resources in the field of Shari’ah audit. He noted 100 Certified Shari’ah auditors graduated in past sessions, after presenting all requirements to obtain this certificate, which has become mandatory for practicing Shari’ah audit work on CBK-and Capital Markets Authority (CMA)-regulated Islamic banking and financial entities. The Governor added that developing technical and professional qualified cadres in financial, economic and banking sectors in Kuwait, including Islamic Shari’ah-compliant financial and banking services, is a strategic direction of the CBK, CMA and Centre for Islamic Economic (CIE). Therefore, the CBK is keen to support the banking and financial sectors in Kuwait, with highly trained and qualified cadres in the areas necessary for the banking system’s work, and develop “human capital” capable of pushing the banking industry in Kuwait to further development and leadership.
On December 20, 2016, the CBK issued instructions regarding “Shari’ah Supervisory Governance in in Kuwaiti Islamic Banks”, including a set of elements regulating the governance of Shari’ah supervision, and the general requirements of the governance of Shari’ah supervision, its principles, roles of the board of directors, executive management and the Shari’ah Supervisory Board, internal and external Shari’ah audit, scope and objectives of the Shari’ah audit as well as required conditions and qualifications. The certificate of the Certified Shari’ah Auditor is one of the mandatory requirements for the entities subject to the supervision of the CBK and CMA, which are compatible with Islamic Shari’ah (KUNA).