AAOIFI develops and issues standards for international Islamic finance industry.
"During the transition period until the appointment of a new secretary-general, AAOIFI's activities and operations will be overseen by deputy secretary-general
"In order to support the growth of international Islamic finance industry, the standards development process must be robust and accompanied by effective consultation with the industry and the esteemed Sharia scholars," he stated.
AAOIFI has issued a total of 88 standards for international Islamic finance in the areas of accounting, auditing, ethics, governance, and Sharia for international Islamic finance.
It is supported by more than 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms from over 45 countries.
AAOIFI said its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.-
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- McDonald's Names Another U.S. President
- Sahara Casino Rises Anew as SLS Las Vegas
- The Hip New Career? Farming
- U.S. Supporters of Islamic State Get Close Scrutiny
- Job Market Shifts Complicate Yellen's Rate Decision
- Student Startup Develops Date-rape Detector
- Dems Losing Fear of Obamacare
- Chinese Coal Gas Boom Poses Climate Risks
- Deere Announces New Round of Layoffs