Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed memoranda of understanding (MOUs) and AAOIFI membership agreements on the side-lines of its 20th Shari'ah Boards Conference. The MOUs signed at the conference held on 14-15 Shawwal 1443 H corresponding to 15-16 May 2022 at Gulf Hotel in the Kingdom of Bahrain, aim to initiate collaboration on areas of mutual interest to promote Islamic banking and finance industry. The agreements also aim to strengthen mutual ties not only between the institutions but also to cater to the growing need and interest to develop Islamic finance industry in their respective jurisdictions.

His Excellency Sheikh Ebrahim bin Al Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees represented AAOIFI in the signing ceremony.. The first MOU was signed with Sharjah Center for Islamic Economics at Al Qasimia University represented by Dr. Ibrahim Ali Al-Mansoori, Executive Director. The agreement is intended to support training, professional development and technical research in areas related to the Islamic finance, as well as cooperation in organizing and sponsoring conferences, seminars, workshops, and related to Islamic economics and finance, its developments and practices.

The second MOU was entered into with the Insurance and Private Pension Regulation and Supervision Authority (IPRSA) (Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu (SEDDK) represented by Mr. Hüseyin Ünal, Head of Islamic Insurance Department at the authority. AAOIFI Membership agreement was also signed with IPRSA at the confernece.

AAOIFI also signed Candidate Registration Centre agreement with Islamic Business and Finance LLC of Uzbekistan, represented by Mr. Muzaffar Khusnidinov Co-founder and Finance Manager.

The two-day conference had keynote speeches in addition to a number of panel discussions with renowned Shari’ah scholars, policymakers, decision-makers, leaders and other experts in the Islamic finance industry.

Additionally, AAOIFI also inked an MOU with the Brunei Institute of Leadership and Islamic Finance (BILIF) at a separate ceremony held at AAOIFI headquarters.

AAOIFI at Kazan Summit

AAOIFI participated in the Kazan Summit 2022 which took place between 19 and 21 May 2022 in Kazan, Tatarstan, Russian Federation. On the occasion, AAOIFI signed an MOU with the Kazan Federal University to develop and implement academic mobility programmes; establish and broaden collaboration between teaching and research staff and students; conduct joint research projects, organise academic courses/programs, seminars, conferences, and exchange knowledge under multiple conduits, among others. The agreement shall enter into force upon ratification by the Ministry of Science and Higher Education of the Russian Federation and shall be valid for a period of five years. It may be noted that AAOIFI offers training programmes in Russian language and has recently completed the translation of its CIPA and CSAA modules in the Russian.

On the occasion of signing these multiple agreements, AAOIFI Secretary General, Mr. Omar Mustafa Ansari stated that “AAOIFI is extremely pleased to have signed these agreements with different major and notable stakeholders. AAOIFI will continue its efforts aiming to jointly work to lay strong foundations for growth and build capacity for Shari'ah compliant financial solutions in these jurisdictions, as well as equip market participants with the right skill toolkits to enhance their understanding of AAOIFI standards to help in their robust implementation”.

About AAOIFI 

AAOIFI, established in 1991, and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.

AAOIFI is supported by over 146* active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45* countries.

It has 117* standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 43* regulatory and supervisory authorities (RSAs) in 36* countries around the globe adopt and / or recognise AAOIFI standards and technical pronouncements either fully, partially, as guidelines, as supplementary reporting or as a basis of development of local standards / regulations. 

* As of June 2022

For more information on AAOIFI its activities, please contact: 

Dr. Rizwan Malik,
Head, Standards Implementation and Strategic Developments, AAOIFI,
e-mail: rmalik@aaoifi.com