AAOIFIAccounting and Auditing Organization for Islamic Financial Institutions
AAOIFIAccounting and Auditing Organisation for Islamic Financial Institutions
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Dr Merah said working with the new technical boards, the AAOIFI would continue standards development and revision programmes as well as strategies to enhance quality of standards and ensure their wider adoption.
For the Governance and Ethics Board, AAOIFI has appointed 15 members from 13 nationalities, consisting of representatives of Islamic financial institutions, central banks and regulatory authorities, governance-related professions, and academia.
For the Shari'ah Board, AAOIFI has appointed 20 members from 17 nationalities, consisting of 16 Shari'ah scholars who also serve on Shari'ah Supervisory Boards of Islamic Financial Institutions and 4 Shari'ah scholars who do not serve on Shari'ah Supervisory Boards of any Islamic financial institution (but may serve central banks, regulatory authorities, governmental bodies, or not-for-profit organisations).
The new AAOIFI standards publications and digital versions of AAOIFI standards will be launched at a dinner on December 6.
AAOIFI secretary general Dr Hamad Merah said that as Islamic banking gains momentum across the globe there is a further need for more international harmonisation.
The meeting was the first time AAOIFI held for its Shariah standards hearing session outside Bahrain, and the move to Saudi Arabia represented an attempt on AAOIFI's part to expand its activities, effectiveness, and cooperation at the regional and international levels.
AAOIFI is the Accounting and Audiiting Organisation for Islamic Financial Institutions and was established in 1990 to maintain and promote Sharia standards for Islamic financial institutions, participants and the overall industry.
Ethica's spokesperson said, "Shaykh Yusuf combines everything we look for in a scholar: AAOIFI knowledge; industry experience; and an impeccable reputation.
Mohamed Al Nueimi, chief executive officer, Mawarid Finance said: "Mawarid Finance since its inception has been adopting the standards of AAOIFI in all the applications; sponsoring this event comes in line with our company goal to play a key role in developing and supporting the Islamic finance industry.
AAOIFI does not carry as much weight with regulators around the world as the IASB does, and many financial firms may prefer to deal with a single organization for both conventional and Islamic accounting, rather than contending with two separate bodies.
AAOIFI will also issue an exposure draft by the end of the year for guidelines related to governance among sharia boards.
Discussions at the Conference will be led by eminent Shari'a scholars and members of Shari'a Board of AAOIFI.