Islamic Finance

TAIF Digital Institute becomes the first Islamic finance training institution to adopt the AAOIFI “Code of ethics for Islamic Finance Professionals”

28th September 2020, Dubai, UAE - TAIF Digital Institute has officially adopted the AAOIFI ‘Code of  Ethics for Islamic Finance  Professionals’ and in the process becomes the first Islamic finance training institution to do so—an announcement to this effect was made by the Institute today. 

The decision to adopt the code was to essentially re-affirm the Institute’s commitment to excellence and its pursuance in all work activities as well as to encourage other financial and training institutions to follow suit given the significance of ethics in the world of Islamic finance.

The AAOIFI code of ethics encourages all Islamic finance professionals working in the Islamic financial and social institutions to voluntarily pursue ethics, stand up for truth, and become role models of ethical behavior for others. Developed over a course of three years, the code —issued in December 2019—supersedes and replaces the ones issued in 1998 and 2002 and becomes effective beginning on or after 1st January 2021. 

Speaking on the occasion, Muhammad Ziaullah Siddiqui, CEO of TAIF Digital Institute, said, “We hereby proudly announce the adoption of the AAOIFI code of ethics and commit ourselves to target Ihsaan (excellence) and at minimum, Adl (justice), in all our activities. The timing of the decision could not be better as we prepare to launch our state-of-the-art Islamic finance training platform in the coming months wherein ethics will feature heavily as a comprehensive learning module to be offered in multiple languages. It is our belief that Islamic finance without conscious and deliberate effort to uphold ethics is not a sustainable proposition. As such, efforts must be made to create a sense of responsibility amongst stakeholders towards ethical requirements.”

TAIF Digital Institute plans to conduct a free-to-attend webinar on the key requirements of the AAOIFI code of ethics on 6th October 2020, which will be made available in five different languages. The webinar, to be conducted by an AAOIFI representative and an AAOIFI Master Trainer. It is officially recognized by AAOIFI for 1 CPD hour for the benefit of those who are AAOIFI fellows. 

Omar Mustafa Ansari, Secretary General, AAOIFI, appreciated the decision of TAIF Digital Institute to adopt the AAOIFI code of ethics. He said, “We are pleased to find growing acceptance amongst stakeholders of Islamic finance in recognizing the need for ethics in Islamic finance. It is our belief, at AAOIFI, that ethics should be at the front and center of all activities, both at personal and professional as well as individual and institutional levels. We extend full support to TAIF Digital Institute in their endeavor to promote ethics through e-courses and strongly encourage Islamic finance institutions to benefit from their offerings.”

About TAIF Digital Institute FZ LLC: 

TAIF Digital Institute is a UAE based company with Technology R&D office based in Canada. TAIF is committed to delivering a world-class learning experience, especially for Islamic Financial Institutions, which will keep Employees Sharp and motivated to learn something new every single day. We make this happen by using our highly secured, AI Artificial Intelligence (AI) learning management system, and completely cloud native learning management system, which produce immersive and unforgettable learning experience.

Copyright Press Releases 2020


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