Press Releases

The Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Institute of Banking Studies, Basel A. Al-Haroon, announced the launch of the fifth round of the Certified Shari’a Auditor Certificate Program. The program aims at enhancing the governance of Shari’a supervision in the Islamic banks in Kuwait and reinforcing Shari’a auditing in such banks. The program was launched as part of the Kafa’a initiative by CBK in collaboration with Kuwaiti banks and is managed by the Kuwait Institute of Banking Studies (KIBS).

The Governor stressed the importance of this program that aims to strengthen Shari’a auditing in the Islamic Shari’a-compliant financial institutions as auditing is considered one of the basics of Shari’a governance, particularly in light of the changes in the Islamic banking sector and banking industry in general.

He added that the program was launched to meet the need for more qualified and further developed cadres in the field of Shari’a audit. He also mentioned the great demand witnessed in the past sessions of this program from which distinguished groups of Certified Shari’a Auditors graduated after passing all the requirements to obtain this certificate which has become mandatory for practicing Shari’a audit work in CBK and Capital Markets Authority (CMA), regulated Islamic banking and other financial entities.

Al-Haroon highlighted that developing technical and professional qualified cadres in all aspects of financial, economic and banking business in the State of Kuwait including Islamic Shari’a-compliant financial and banking services, is a strategic trajectory of the CBK, CMA and Centre for Islamic Economic (CIE). Therefore, CBK is keen to support the banking and financial sector 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 20 December 2016, CBK issued instructions regarding Shari’a Supervisory Governance in Kuwaiti Islamic banks including a set of elements regulating the governance of Shari’a supervision and the general requirements of the governance of Shari’a supervision, its principles, the roles of the board of directors, executive management and the Shari’a Supervisory Board, internal and external Shari’a audit, scope and objectives of the Shari’a audit as well as the required conditions and qualifications. Passing the certificate of the Certified Shari’a 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’a.

The Governor concluded his statement by highlighting the most prominent features of this certificate which is built upon theoretical and applied knowledge of the Islamic financial industry and Shari’a auditing, according to the best relevant practices and the latest academic materials in this regard. The Shari’a Auditor Certificate is certified by the CBK, CMA and CIE.

For more information about the Certified Shari’a Auditor Certificate and registration, kindly visit Kafa’a official website: www.kafaakw.org