19 October, 2014

AAOIFI Widens its Global Role To Better Serve & Develop Islamic Finance

19 October 2014
"AAOIFI's pioneering role is gaining more prominence at a time the Islamic finance industry is developing at a fast pace of growth worldwide. This is reflected in AAOIFI's mounting efforts towards achieving more harmonization and standardization for the Islamic finance industry, specifically in its bid to develop more shari'a and accounting/auditing/governance standards and codes of ethics in line with best practices and with the aim of further global reach and adoption.

In addition, AAOIFI's broad efforts extend to providing technical support and counsel to Islamic financial institutions (IFIs), international organizations, central banks and monetary authorities in various jurisdictions". This statement was delivered by AAOIFI's Secretary General Dr. Hamed Hassan Merah at the sidelines of the annual meetings of IMF and WB, held on 8-12 October 2014 in Washington D.C., United States.

He added: "the immaculate professional stages of the due process AAOIFI follows to develop its standards, and the representation of the most prominent shari'a scholars industry-wide on its boards, hailing from more than 14 nationalities and across various schools of thought, in addition to the experience AAOIFI has amassed over 24 years from incorporation and its qualitative and quantitative accomplishments embodied in the issuance of 88 standards so far, and the recurring cycle of standards development and review, have always helped AAOIFI gain credibility and acceptance and achieve higher levels of harmonization and standardization for the international Islamic finance industry. Notwithstanding, AAOFI is still aiming at ever higher levels of achievement".

Upon invitation, AAOIFI took part, as a member of the External Advisory Group of the International Monetary Fund (IMF) and attended its first meeting held in Washington D.C., on 9 October 2014.

AAOIFI also held over the course of 8- 14 October 2014 in Washington and New York a number of successful top-level meetings with relevant departments from IMF and WB and the International Federation of Accountants(IFAC), during which very important topics specific to the Islamic finance industry were discussed, and mutual cooperation in different areas was also considered.

Furthermore, AAOIFI met with senior representatives of central banks, monetary authorities, and financial institutions at the 2014 Annual Meetings of the IMF and WB group. AAOIFI, P.O. Box 1176, Manama, Kingdom of Bahrain Tel: +973 - 1724 4496 Fax: +973 - 1725 0194

AAOIFI is a leading intenational non-for-profit institiution that supports Islamic financial institutions worldwide. It was established in 1991, and is headquartered in Bahrain. Among its key achievements is the issuance of a total of 88 standards for international Islamic finance in the areas of accounting, auditing, ethics, governance, and Shari'a for international Islamic finance. It 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 are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.

For more information, please contact: 
Mr. Khairul Nizam,
Deputy Secretary General, AAOIFI
Office: +973 - 1724 4496;
Mobile: +973 - 3974 5528;

Mr. Mohammad Majd Bakir,
Manager, Corporate Development, AAOIFI
Office: +973 - 1724 4496;
Mobile: +973 - 3998 8601;

© Press Release 2014