Accounting and auditing organization for Islamic financial institutions and Komite Nasional Keuangan Syariah sign an mou for joint and mutual collaboration

The signing ceremony was held during the 14th IFSB Summit in Jakarta, Indonesia organised by Islamic Financial Services Board (IFSB) under the theme of "Islamic Finance for the Sustainable Development in the Era of Technological Innovations."


Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Komite Nasional Keuangan Syariah (KNKS) - Indonesia’s National Committee for Islamic Finance signed a Memorandum of Understanding (MOU) at the 14th IFSB Summit in Jakarta on 14th November 2019.  

The signing ceremony was held during the 14th IFSB Summit in Jakarta, Indonesia organised by Islamic Financial Services Board (IFSB) under the theme of “Islamic Finance for the Sustainable Development in the Era of Technological Innovations.”

Under the agreement, the two parties aim to work in the areas of common interest that support the development of Islamic finance industry. This includes meaningful exchange of information, conducting joint capacity-building programmes related to AAOIFI standards in Indonesia and other jurisdictions. AAOIFI and KNKS also seek to host events focused on areas of mutual interest, and promote their activities to the respective networks and local industries.

On this occasion the Secretary General of AAOIFI, Mr. Omar Mustafa Ansari stated that “we are extremely pleased to sign this MOU with an important institution like KNKS. We hope through this collaboration AAOIFI and KNKS will be able to support eachother in their mandates. KNKS has a very important role in the form of being the cordinator in the implemtnation of Islamic Economic Master Plan (2019-2024) in making Indoensia as the hub for Islamic economy and AAOIFI will lend its full support where needed”.  

The Executive Director of KNKS Mr. Ventje Rahardjo Soedigno upon signing the MOU stated that “AAOIFI is a vital global infrastructural and standard setting body in Islamic finance with more than 200 institutional members, we are ecstatic to sign this agreement and hope that this will be the start of a very long and beneficial relationship for the two organisations”. Further Dr. Sutan Emir Hidayat, Director of Education and Research at KNKS who initiated the MOU said that “this MOU will serve as an umbrella for future collaboration between KNKS and AAOIFI”.


About AAOIFI: 

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 110 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 currently followed by leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices. 

For more information on AAOIFI its activities, please contact: 

Dr. Rizwan Malik, Senior Manager, Standards Implementation and Strategic Development, AAOIFI, Office: +973 – 17244496; e-mail: 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases