The Board of Trustees of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as a part of strategic initiatives to further strengthen its standard-setting process and to ensure that the broader public interest is served by its standards, has recently approved the constitution of Public Interest Monitoring Consultative Committee (PIMCC) for a 4-year term.
The process was completed after undertaking a comprehensive, robust and dynamic mechanism of obtaining nominations, shortlisting suitable candidates and conducting necessary evaluation processes under the purview of the nominations committee of the AAOIFI Board of Trustees. This includes providing reasonable representation to different regions and types of institutions as well.
The objective of PIMCC is to advise and provide its observations to AAOIFI’s Board of Trustees and technical boards (excluding the Shari’ah board) regarding AAOIFI’s responsiveness to public interest as incorporated in its standard setting process (specifically accounting, auditing, governance and ethics standards) and outcome.
H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees at AAOIFI, stated “we are pleased to have been able to constitute a diverse and experienced committee representing regulatory institutions as well as independent professionals from different parts of the world. We are confident that with the help of the PIMCC, AAOIFI will be able to further enhance its standards development process and ensure the interest of all stakeholders is served for the development of Islamic finance industry globally.”
The seven-member PIMCC shall have an oversight on the functioning of the AAOIFI Accounting Board (AAB) and AAOIFI Governance and Ethics Board (AGEB) to ensure public interest is duly served. There are three members representing regulatory institutions and four independent experts.
The three regulatory members from Jordan, Maldives and Turkey include:
- H.E. Dr. Maher Sheikh Hasan - Deputy Governor, Central Bank of Jordan;
- Dr. Aishath Muneeza – Chairperson of Shariah Advisory Council, Capital Market Development Authority of Maldives; and
- Dr. Abdurrahman Cetin – Senior Chief Banking Specialist, Banking Regulation and Supervision Agency (BRSA).
The four independent members from Bahrain, Malaysia and Pakistan include:
- Mr. Adnan Ahmed Yousif – President and CEO, LemrAir Consultancy, Former President and CEO, Al Baraka Banking Group;
- Prof. Dr. Akram Laldin – Executive Director, International Shari?ah Research Academy for Islamic Finance;
- Dr. Abdelilah Belatik - Secretary General, CIBAFI; and
- Mr. Hafiz Muhammad Yousaf – Former President, Institute of Chartered Accountants of Pakistan (ICAP).
Mr. Noor Abid, Chairman of AAOIFI Nominations Committee, stated "we received overwhelming number of nominations from various institutions and individuals from around the world. We, the AAOIFI Nominations Committee deliberated at length before recommending the members to the AAOIFI Board of Trustees for their consideration and subsequent approval. We are pleased with the final members and look forward to working with them."
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.
It has a total of 116 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.
AAOFI based in Bahrain is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are adopted either fully or partially in more than 28 regulatory jurisdictions globally, in addition to having an even larger footprint in the form of guidance and voluntary adoption by leading Islamic financial institutions across the world which has introduced a progressive degree of harmonization of international Islamic finance practices.
For more information on AAOIFI its activities, please contact:
Dr. Rizwan Malik
Head, Standards Implementation and Strategic Developments
Office: +973 – 17375401
© Press Release 2021