AAOIFI announces new board

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced formation of its new technical boards and appointed members for a four-year period- up till end of 2019, or until the succeeding boards are appointed.

Currently, the standards development, revision, and related technical work programmes in AAOIFI are overseen by two technical boards, namely Shari’ah Board and Accounting and Auditing Standards Board.

In order to better serve the international Islamic finance industry, AAOIFI has restructured its technical standards boards and enhanced their major responsibilities. Accordingly, the technical standards boards in AAOIFI will now consist of:  Shari’ah Board, Accounting Board and Governance and Ethics Board. AAOIFI had received in total more than 180 nominations from 37 countries. 

Commenting on the appointments, Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees said, “We are certain that they will discharge their responsibilities effectively to support further growth and development of international Islamic finance industry”.

Dr. Hamed Hassan Merah, Secretary General AAOIFI, added: “We look forward to working with the new technical boards in carrying out our standards development and revision programmes as well as on the strategies to enhance quality of the standards and achieve wider adoption of the standards.  In carrying out all these activities, we will also continue to seek inputs and feedback from all out institutional members and key stakeholders of the international Islamic finance industry.”