Kuwait Finance House - Bahrain (KFH-Bahrain) announced its sponsorship of the 7th Conference of Shari'a Supervisory Boards of Islamic Financial Institutions, being held on 27-28 May 2008 at the Crowne Plaza Hotel Bahrain. The Conference is organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) under the auspices of Central Bank of Bahrain. Mr. Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain, praised the success of the event over the years. Commenting "The rapid changes and developments on Islamic financial and banking levels, have become of immense significance in the development of the banking industry based upon the principles of Islamic Shari'a. This calls for an urgent need for more up-to-date Shari'a rules that must adapt to the growth of this industry. That is why the events by AAIOFI are of considerable importance." "In appreciation of the major role adopted by AAIOFI, we continue to support its major conferences that further enhance the role played by this Organisation" he added. Discussions held during the two-day conference will address several important topics including: How Sukuk Can be Shari'a Compliant; Shari'a Consultancy Firms and Shari'a Supervisory Boards: Mechanisms and Shari'a Stipulations; How and why is it vital to comply with Shari'a Standards; Possibility of Fatwa Harmonization in Financial Matters; Zakah and tradability, Fiqh and practical perspectives; Shari'a Supervisory Boards: Rulings and Selection of members; and Hedging Mechanisms For Islamic Financial Transactions KFH - Bahrain Shari'a Supervisory Board comprises a number of prominent Islamic scholars led by Ahmad Bazie Al-Yaseen, Chairman of the Shari'a Board, Mohammed Fawzi Faidullah, Khalid Mathkour Al-Mathkour, Ajeel Jasem Al-Nashmi, Anwar Shuaib Abdulsalam and Mohammed Abdul Razaq Al-Tabtabaee. The primary aim of AAOIFI is to set and issue accounting, auditing, ethics and Shari'a standards for the Islamic banking and financial industry.