Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is not an accounting practice but a body that develops standards for Islamic finance. Its boards and committees draft, review and issue rules that institutions and regulators can adopt.

Services

• Shari'ah standards: rulings drafted and reviewed by its Shari'ah board and regional committees.
• Accounting and auditing standards: financial reporting rules for Islamic institutions, including reporting for Zakah.
• Governance standards and code of ethics: issued through its governance and ethics board.
• Standards publications: printed and electronic editions, exposure drafts and public hearings.
• Conferences and webinars: annual Shari'ah boards and Islamic banking conferences, some run with the Islamic Development Bank.
• Professional qualifications: fellowship and certification programmes.

Who it serves

Islamic banks and financial institutions, regulators and scholars. Its membership is split into regulatory, founding and common members.

Key facts

• Committees: Shari'ah standards committees in Kuwait, Dubai, Jeddah and Karachi
• Languages: Arabic and English