Accounting and Auditing Organization for Islamic Financial Institutions

Accounting and Auditing Organization for Islamic Financial Institutions is a Bahrain based not-for-profit organization that was established to maintain and promote Shariah standards for Islamic financial institutions, participants and the overall industry.The Commission also organizes a number of professional development programs in their effort to upgrade the human resources working in the industry and the development of governance structures controls the institutions.IncorporationAAOIFI was established in accordance with the Agreement of Association which was signed by Islamic financial institutions on 26 February 1990 in Algiers. Then, it was registered on 27 March 1991 in Bahrain. It has members from more than 45 countries, including central banks and Islamic financial institutions and other parties working in the financial industry and banking, Islamic International. The Commission has obtained support for the application of the standards issued by it, where these standards are dependent today in the Kingdom of Bahrain and the Dubai International Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria. The competent authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa issued guidelines derived from the standards and publications.Organizational StructureThe organizational structure of AAOIFI includes a general assembly. AAOIFI also has a board of trustees and an accounting and auditing standards board each consisting of fifteen part-time members, a Shari‘ah committee consisting of four part-time members, an executive committee, and a secretary-general who is a full-time executive and heads the general secretariat.