UCB, the first affiliate university of AAOIFI

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has recognised University College of Bahrain (UCB) as its first affiliate university in the world. The agreement was signed during the 13th AAOIFI & World Bank Annual Conference on Islamic Banking and Finance held in Radisson Diplomat, Manama, Bahrain.

This agreement allows UCB students to be exempted from taking two modules out of four Certified of Islamic Professional Accountant (CIPA of AAOIFI) certification. The move also allows UCB students to register for CIPA exam through UCB admission centre. The deal, UCB said, is expected to solve several issues within talent management of Islamic finance.

One of them is the skills mismatch issue which means the gap between what Islamic finance education providers equip their graduates with and what the market really needs from the graduates.