● A word from AAOIFI's Secretary General:

Since 1991, when the Islamic banking and finance industry itself decided that the existing international standards were inadequate to cater for its needs, we have come a long way to being recognized as the main standard-setting organization. We have now issued up to 70 standards on accounting, auditing, and governance, in addition to codes of ethics and Shari’a standards. At the same time, we are working diligently on preparing new standards, redrafting current ones taking into account all newly emergent requirements and needs of IFIs all over the world, and conducting relevant researches and consultancies crucial to activating and enhancing all efforts and skills available in the arena of Islamic banking . Meanwhile, and further to its current endeavors, AAOIFI is actively in the process of developing its standards setting mechanism in order to create new Islamic financial tools and products with the employment of the principles and concepts of financial engineering.

Over the years, AAOIFI has taken significant steps to encourage the application and enforcement of its standards throughout the world. We have done so by producing high-quality standards that are internationally recognized and we have made particular efforts to ensure that our standard setting process constitutes strong cooperation amongst interested parties. As such, this has resulted in our standards being implemented in the leading Islamic banking and finance centers globally, such as Bahrain, Sudan, Jordan, Malaysia, Qatar, Saudi Arabia, Dubai, Syria, Lebanon, Singapore, and South Africa where they are either mandatory or used as a guideline by the regulators. It is only through international recognition and consistent application of these standards will the Islamic banking and finance industry realize the full benefits of accurate and transparent financial reporting, and fulfill its mission of bringing credible solutions to the masses. As the main avenue for the interface between market players and regulators, our membership continues to expand, which now stands at around 180 members representing more than 46 countries. This steady progress is a reflection of the confidence placed on AAOIFI as the leading representative of the industry.

 Apart from developing new standards and encouraging the application of these standards, AAOIFI continues to organize key Conferences in regulatory and Shari’a issues, which have now become an essential forum for practitioners, scholars, academics and regulators to discuss and debate pertinent topics driving the future of the industry. In addition, the resolutions emanating from these conferences are relied upon by the industry as a basis for product development and decision making. We continue to make steady   progress with our Certified Islamic Public Accountant (CIPA) programme, which is now well-recognized and much more sought by those looking for higher professional status in the realm of Islamic accounting. In addition, our newly launched Certified Shari'a Adviser and Auditor (CSAA) provides a real chance of proficiency for professionals and executives- involved or showing interest- in the fields of Shari'a, accounting, auditing or finance . This will furnish the industry with qualified personnel, and further strengthen its knowledge base. We would continue to work and cooperate with other standard setters and international agencies for the betterment of the industry. From the continued support, we are confident that we will be able to deliver and hopefully even surpass our aims and objectives. 

 Dr. Mohammad Nedal Alchaar

Secretary-General

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