AAOIFI - Accounting and Auditing Organization for Islamic Financial Institutions. Structure>Shari'a Board

● AAOIFI SHARI'A BOARD

The Shari’a Board is composed of not more than twenty members to be appointed by the Board of Trustees for a four-year term from among fiqh scholars who represent Shari’a supervisory boards in the Islamic financial institutions that are members of AAOIFI, and Shari’a supervisory boards in central banks.

The powers of the Shari’a Board include, among others, the following:

(1) Achieving harmonization and convergence in the concepts and application among the Shari’a supervisory boards of Islamic financial institutions to avoid contradiction or inconsistency between the fatwas and applications by these institutions, thereby providing a pro-active role for the Shari’a supervisory boards of Islamic financial institutions and central banks.

(2) Helping in the development of Shari’a approved instruments, thereby enabling Islamic financial institutions to cope with the developments taking place in instruments and formulas in fields of finance, investment and other banking services.

(3) Examining any inquiries referred to the Shari’a Board from Islamic financial institutions or from their Shari’a supervisory boards, either to give the Shari’a opinion in matters requiring collective Ijtihad (reasoning), or to settle divergent points of view, or to act as an arbitrator.

(4) Reviewing the standards which AAOIFI issues in accounting, auditing and code of ethics and related statements throughout the various stages of the due process, to ensure that these issues are in compliance with the rules and principles of Islamic Shari’a.

NAME	POSITION	STATUS
Shaikh Muhammad Taqi Usmani	Vice-President Darul-Uloom Karachi, Permanent Member OIC Fiqh Academy	Chairman
Shaikh Abdulla Bin Sulaiman Al Manea	Former Judge, Court of Cassation, Saudi Arabia	Deputy Chairman
Shaikh Al Siddiq Mohamed Al Darir	Professor, College of Law, University of Khartoum, Sudan	Member
Shaikh Ajeel Jasim Al-Nashmi	Member, Shari’a Supervisory Board, Kuwait Finance House, Kuwait	Member
Shaikh Mohamad Ali Al Taskhiri	General Secretary, International Council for the Harmonisation of Islamic Schools of Thoughts, Iran	Member
Shaikh Dr. Abdel Sattar Abdel Karim Abu-Ghuddah	Shari’a Consultant, Dallah Al Baraka Group, Saudi Arabia	Member
Shaikh Nizam Yaquby	Member of the Shari'a Board, Bahrain Islamic Bank	Member
Shaikh Ahmad Ali Abdulla	Secretary General, The Higher Council of the Shari’a Supervisory Board, Sudan	Member
Shaikh Dr. Mohd Daud Bakar	Member, Shari’a Advisory Council, Securities Commission, Malaysia	Member
Shaikh Dr. Hussein Hamid Hassan	Member, Shari'a Supervisory Board, Dubai Islamic Bank, UAE	Member
Shaikh Dr. Ali Mohi Eldinne Alqoradaghi	Head of Islamic Jurisprudence Department, Qatar University, Qatar	Member
Shaikh Dr. Mohamed Ali Al Qari	Member of Shari'a Supervisory Board, Bank Al Jazira, Saudi Arabia	Member
Shaikh Yusuf Talal De Lorenzo	Chief Shari'a Officer, Shariah Capital Inc., USA	Member
Shaikh Esam 'Anezi	Member, Shari'a Supervision/ Director, Investment Dar, Kuwait.	Member
Shaikh Dr Mohammad Abdul Rahim Sultan Al Olamaa	Professor, School of Shari'a, United Arab Emirates University, Al Ain, United Arab Emirates	Member
Sheikh Ayashi Faddad	Shari'a Advisor, Islamic Development Bank	Member
Shaikh Dr. Saleh Abdullah Al-Lihaidan	GM of Shariah Group, Al Rajhi Bank, KSA	Member
Dr. Mohamed Nedal Alchaar	Secretary-General, Accounting and Auditing Organization for Islamic Financial Institutions	Member/ Rapparteur