The Arab Monetary Fund and The AAOIFI Join forces to Strengthen the Development of the Islamic Financial services Industry for the benefit of Arab Countries

By signing the MOU, it is hoped to enhance the collaboration in various fields of mutual interest such as training, capacity building, and promoting the development of a prudent and transparent Islamic financial services industry in the Arab region through introducing new or adopting existing international standards consistent with Shari'ah principles

  

The Arab Monetary Fund (AMF) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding (MOU) to facilitate international cooperation between the two organizations to jointly undertake technical activities relating to the prudential, Shari’ah, accounting and governance standards as well as for promoting awareness of issues that are relevant or have an impact on the regulation and supervision of the Islamic financial services institutions, in addition to other areas of common interest between the two institutions.

The MOU was signed by H.E.Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Mr. Omar Mustafa Ansari Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

By signing the MOU, it is hoped to enhance the collaboration in various fields of mutual interest such as training, capacity building, and promoting the development of a prudent and transparent Islamic financial services industry in the Arab region through introducing new or adopting existing international standards consistent with Shari'ah principles.

About the AMF 

The Arab Monetary Fund is a regional Arab financial institution, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance, capacity building and training to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets. 

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. As a leading standard-setter for the international Islamic finance industry. AAOIFI 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, please contact:
Dr. Rizwan Malik, Senior Manager, Standards Implementation and Strategic Development, AAOIFI, Office: +973 – 17244496; e-mail: rmalik@aaoifi.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

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