The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an independent international islamic organization that develops, issues and maintains accounting, auditing, governance, ethics and shariah standards for the islamic financial industry. AAOIFI was established on 26 february, 1990 in algiers and is currently based in bahrain.
AAOIFI is supported by institutional members including central banks, islamic financial institutions, and other participants from the international islamic finance industry.
AAOIFI is the leading global setter of islamic finance shariah standards. AAOIFI prepares and interprets shariah standards for islamic financial institutions in order to achieve harmonization in the concepts and application of shariah law and ensure consistency in the practices of the islamic financial institutions.
AAOIFI standards are developed in consultation with leading shariah experts internationally. AAOIFI continually updates its scope to include the various new financial instruments entering markets around the world.
AAOIFI standards are now adopted in the kingdom of bahrain, dubai international financial centre, jordan, lebanon, qatar, sudan and syria. australia, indonesia, malaysia, pakistan, kingdom of saudi arabia and south africa have issued islamic finance guidelines that are based on AAOIFI standards and pronouncements.
AAOIFI also provides professional development training programmes in the form of certified shariah adviser and auditor (cipa) and certified islamic professional accountant (csaa) with a view to enhance the industry’s human resource base and governance structures.