Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said it has widened its global role to better serve and develop Islamic finance.
This is reflected in AAOIFI's mounting efforts towards achieving more harmonisation and standardisation for the Islamic finance industry, specifically in its bid to develop more sharia and accounting/auditing/governance standards and codes of ethics in line with best practices and with the aim of further global reach and adoption.
AAOIFI secretary general Dr Hamed Hassan Merah said the not-for-profit organisation's broad efforts extend to providing technical support and counsel to Islamic financial institutions, international organisations, central banks and monetary authorities in various jurisdictions.
Dr Merah said this while addressing delegates on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington DC last week.
He added that the due process AAOIFI follows to develop its standards, and the representation of the most prominent sharia scholars on its boards, hailing from more than 14 nationalities and across various schools of thought, have helped it gain credibility and acceptance.
"Since its establishment 24 years ago, the organisation has issued 88 standards and the recurring cycle of standards development and review have helped in achieving higher levels of harmonisation and standardisation for the international Islamic finance industry," Dr Merah added.
AAOIFI participated in the meetings as a member of the external advisory group of the IMF.
In Washington and New York, the organisation held a number of successful top-level meetings with relevant departments from IMF and WB and the International Federation of Accountants, during which very important topics specific to the Islamic finance industry were discussed, and mutual co-operation in different areas was also considered.
Furthermore, AAOIFI met senior representatives of central banks, monetary authorities, and financial institutions.
This is reflected in AAOIFI's mounting efforts towards achieving more harmonisation and standardisation for the Islamic finance industry, specifically in its bid to develop more sharia and accounting/auditing/governance standards and codes of ethics in line with best practices and with the aim of further global reach and adoption.
AAOIFI secretary general Dr Hamed Hassan Merah said the not-for-profit organisation's broad efforts extend to providing technical support and counsel to Islamic financial institutions, international organisations, central banks and monetary authorities in various jurisdictions.
Dr Merah said this while addressing delegates on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington DC last week.
He added that the due process AAOIFI follows to develop its standards, and the representation of the most prominent sharia scholars on its boards, hailing from more than 14 nationalities and across various schools of thought, have helped it gain credibility and acceptance.
"Since its establishment 24 years ago, the organisation has issued 88 standards and the recurring cycle of standards development and review have helped in achieving higher levels of harmonisation and standardisation for the international Islamic finance industry," Dr Merah added.
AAOIFI participated in the meetings as a member of the external advisory group of the IMF.
In Washington and New York, the organisation held a number of successful top-level meetings with relevant departments from IMF and WB and the International Federation of Accountants, during which very important topics specific to the Islamic finance industry were discussed, and mutual co-operation in different areas was also considered.
Furthermore, AAOIFI met senior representatives of central banks, monetary authorities, and financial institutions.
Source:
Mubasher
