AAOIFI

Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI)

International

An international autonomous non-profit Islamic corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry.

For further information, see the AAOIFI website

Accounting and Auditing Organization for Islamic Finance Institutions

AAOIFI

Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI)

International, USA

Established in 1990, the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), is an independent not-for-profit organization that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry. The AAOIFI has approximately 200 members from 45 countries, including central banks and Islamic financial institutions. The AAOIFI's standards are not binding on its members. However, several countries have adopted their standards and others have issued guidelines based on these standards.

The AAOIFI triggered controversy in 2008 when it claimed that more than 80% of sukuk issued did not comply with Sharia principles and tightened the standards that sukuk must meet to comply with Sharia. However, despite this announcement sukuk are still being issued that may not comply with their strict standards