The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an independent Islamic international non-profit body that prepares accounting, auditing, governance, ethics and Shariah standards for Islamic financial institutions and the industry. AAOIFI is respected in the industry and their governance standards are used by many firms globally.
The AAOIFI central Shariah board has published a new draft governance standard for comment. The aim of the standard is to ‘provide guidance to Islamic Financial Institutions worldwide … and to standardize the global regulatory practices in this respect’. The standard also encourages the creation of central Shariah boards.
Comment on the draft standard can be sent to Sharia@aaoifi.com by 28 February 2017.