The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an international Islamic standard-setting body which was established in 1990 and is based in Bahrain. Its mission is to develop and issue accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions. It is an independent, non-profit, international organization that is dedicated to the promotion of Islamic finance, and its standards are widely accepted in the Islamic finance industry. AAOIFI is the only international standard-setting body for Islamic finance, and its standards are used in over 70 countries.

Accounting and Auditing Organization for Islamic Financial Institutions

Bahrain non-profit organization

26°14′2″N 50°34′38″E / 26.23389°N 50.57722°E / 26.23389; 50.57722

Region served
In all world
Official language
English, Arabic
main organ
general meeting Internet site www.aoifi.with

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) it is a bahrain-Based non profit organization which was created to maintain and promote shariah standards for islamic financial institutions, participants and the industry at large. The commission also organizes a series of professional development programs (especially the Islamic legal accountant program, observers program and forensic audit program) in their effort to improve the industry.

Incorporation

AAOIFI was established pursuant to the Association Agreement signed by Islamic financial institutions on February 26, 1990 in Algiers. It was then registered on March 27, 1991 in Bahrain. It has members from more than 45 countries, including central banks and Islamic financial institutions and other parties working in the finance and banking industry, Islamic International. The commission has gained support for the application of standards issued by it, where these standards are currently dependent on the Kingdom of Bahrain and the International Financial Center in Dubai, Jordan, Lebanon, Qatar, Sudan and Syria. Competent authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa have issued guidelines derived from the standards and publications.

Organizational structure

AAOIFI’s organizational structure includes a general assembly. AAOIFI also has a Board of Trustees and an Accounting and Auditing Standards Board, each consisting of fifteen part-time members, one Chari’ah committee composed of four part-time members, an executive committee, and a general secretary who is a full-time executive and directs the general secretariat.

Goals

The objectives of the AAOIFI are:

  • Develop accounting and auditing thinking relevant to Islamic financial institutions
  • Disseminate accounting and auditing ideas relevant to Islamic financial institutions and their applications through training, seminars, publication of periodic newsletters, conducting and commissioning surveys and other means
  • Prepare, promulgate and interpret accounting and auditing standards for Islamic financial institutions
  • To review and amend accounting and auditing standards for Islamic financial institutions

AAOIFI accomplishes these goals in accordance with the precepts of Islamic Shari’a, which represents a comprehensive system for all aspects of life, in line with the environment in which Islamic financial institutions have developed. This activity is intended both to increase the confidence of users of financial statements of Islamic financial institutions in the information that is produced about these institutions, and to encourage these users to invest or deposit their funds in Islamic financial institutions and to use their services.

References

In general
national libraries


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