AAOIFI - Accounting and Auditing Organization for Islamic Financial Institutions. Structure>Accounting and Auditing Standards Board (AASB)

● Accounting and Auditing Standards Board (AASB)

The Standards Board is composed of twenty part-time members who are appointed by the Board of Trustees for a five-year term. Members of the Standards Board represent the following various categories: regulatory and supervisory bodies, Islamic financial institutions, Shari’a supervisory boards, university professors, organizations and associations responsible for regulating the accounting profession and/ or responsible for preparing accounting and auditing standards, certified accountants, and users of the financial statements of Islamic financial institutions.

The powers of the Standards Board include, among others, the following:

(1) To prepare, adopt and interpret accounting and auditing statements, standards and guidelines for Islamic financial institutions.

(2) To prepare and adopt code of ethics and educational standards related to the activities of Islamic financial institutions.

(3) To review with the aim of making additions, deletions or amendments to any accounting and auditing statements, standards and guidelines.

(4) To prepare and adopt the due process for the preparation of standards, as well as regulations and by-laws of the Standards Board.

The Standards Board meets at least twice every year and its resolutions are adopted by the majority of the votes of the members voting. In case of a tie, the chairman of the Standards Board shall have the casting vote.

Name	Position	Status
Mr. Muhammad Said Abdulwahab	Deputy Assistant General Manager, Kuwait Finance House, Kuwait.	Chairman of Accounting and Auditing Standards Board
Mr. Hamad Abdulla Eqab	Senior Vice President, Head of Financial Control, Albaraka Banking Group, Bahrain.	Vice Chairman of Accounting and Auditing Standards Board
Mr. Fawad Laique	Partner, Ernst & Young, Bahrain.	Chairman of Accounting Standards Committee
Mr. Jamil Darras	Head, Central Accounting Section, Finance Department, Islamic Development Bank, Saudi Arabia.	Chairman of Auditing and Governance Standards Committee
Dr. Abdul Sattar Abu Ghudah	Shari’a Consultant, Dallah Al Baraka Group, Saudi Arabia.	Member
Sh. Essam Mohammed Al Sheikh Ishaq	Shari’a Advisor & Board Member, Discover Islam Centre, Bahrain.	Member
Mr. Ahsan A Akhtar	Senior Vice President, Group Financial Controller, Abu Dhabi Islamic Bank, United Arab Emirates.	Member
Mr. Firas Sadek Hamdan	Head of Studies & Analysis Division, Accounting Department, Banque du Liban (Central Bank of Lebanon), Lebanon.	Member
Mr. Michael J Zamorski	Managing Director, Supervision, Dubai Financial Services Authority, United Arab Emirates.	Member
Dr. Hussein Said Saifan	Assistant General Manager, Jordan Islamic Bank, Jordan	Member
Dr. Nordin Mohammed Zain	Executive Director, Malaysian Accounting Standards Board, Malaysia.	Member
Mr. M. Faiz Azmi	Partner,Global Islamic Finance Leader, PricewaterhouseCoopers, Malaysia.	Member
Mr. Murtada Khidr Mohamed Abuzaid	General Manager, Financial Group, Qatar Islamic Bank, Qatar.	Member
Mr . Oliver Agha	Partner, Global Head of Islamic Finance, Head of Finance, Middle East DLA Piper.	Member
Mr. Prakash Pathmanathan	Head, Financial Control, Shamil Bank- Bahrain	Member
Mr. Jalil Al A'Ali	Partner, KPMG Fakhro, Bahrain	Member
Dr. Mohamad Nedal Alchaar	Secretary General, AAOIFI	Member & Rapporteur