The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has signed MoUs and Membership Agreements with AAOIFI on the sidelines of its 20th Conference of Shariah Boards. The Memoranda of Understanding signed during the conference held on 14 and 15 Shawwal 1443 H corresponding to 15 and 16 May 2022 at the Gulf Hotel in the Kingdom of Bahrain, aim to initiate collaboration in areas of mutual interest to promote the Islamic banking and finance industry. The agreements also aim to strengthen the mutual ties not only between the institutions, but also to meet the growing need and interest in developing the Islamic finance industry in their respective jurisdictions.
His Excellency Sheikh Ebrahim bin Al Khalifa Al Khalifa, Chairman of the Board of AAOIFI represented AAOIFI at the signing ceremony. Executive Director. The agreement aims to support training, professional development and technical research in fields related to Islamic finance, as well as cooperation in the organization and sponsorship of conferences, seminars, workshops and related to the economy and Islamic finance, its developments and practices.
The second MoU was concluded with the Private Insurance and Pensions Regulatory and Supervisory Authority (IPRSA) (Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu (SEDDK) represented by Mr. Hüseyin Ünal, Head of the Department of Islamic Assurances of Authority was also signed with IPRSA during the conference.
AAOIFI has also signed an Applicant Registration Center Agreement with Islamic Business and Finance LLC of Uzbekistan, represented by Mr. Muzaffar Khusnidinov, Co-Founder and Chief Financial Officer.
The two-day conference featured keynote speeches in addition to a number of panel discussions with renowned Sharia scholars, policymakers, decision makers, leaders and other experts in the Islamic finance industry.
In addition, AAOIFI also signed a Memorandum of Understanding with Brunei Institute of Islamic Leadership and Finance (BILIF) in a separate ceremony held at AAOIFI Headquarters.
AAOIFI at the top of Kazan
AAOIFI participated in the Kazan Summit 2022 which took place from 19 to 21 May 2022 in Kazan, Tatarstan, Russian Federation. On this occasion, AAOIFI signed a memorandum of understanding with the Federal University of Kazan to develop and implement academic mobility programs; establish and expand collaboration between teaching and research staff and students; conduct joint research projects, organize academic courses/programs, seminars, conferences and exchange knowledge through multiple channels, among others. The agreement will enter into force upon its ratification by the Ministry of Science and Higher Education of the Russian Federation and will be valid for a period of five years. It should be noted that AAOIFI offers training programs in the Russian language and has recently completed the translation of its CIPA and CSAA modules into Russian.
On the occasion of the signing of these multiple agreements, the Secretary General of AAOIFI, Mr. Omar Mustafa Ansari declared that “AAOIFI is extremely pleased to have signed these agreements with various major and notable stakeholders. AAOIFI will continue its efforts to work jointly to lay a solid foundation for growth and build capacity for Shariah-compliant financial solutions in these jurisdictions, as well as equip market players with appropriate skills tools to improve their understanding of the AAOIFI standards in order to assist them in their robust implementation”.
The AAOIFI, established in 1991 and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for developing and publishing standards for the global Islamic finance industry.
AAOIFI is supported by over 146* active institutional members, including central banks and regulators, financial institutions, accounting and auditing firms and law firms, from over 45* countries.
It has 117* relevant standards and technical statements in the areas of Shariah, accounting, auditing, ethics and governance for international Islamic finance. 43* Regulatory and Supervisory Authorities (RSAs) in 36* countries around the world adopt and/or recognize AAOIFI standards and technical statements either fully, partially, as guidelines, as supplementary reports or as a basis for the development of local standards/regulations.
* In June 2022
For more information on AAOIFI activities, please contact:
Dr. Rizwan Malik,
Manager, Standards Implementation and Strategic Developments, AAOIFI,
email: [email protected]