The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is  an independent international Islamic organisation that develops, issues and maintains accounting, auditing, governance ethics and Shari'ah standards for the Islamic financial industry. AAOIFI was established 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 Shari'ah standards. AAOIFI prepares and interprets Shari’ah standards for Islamic financial institutions in order to achieve harmonisation in the concepts and application of Shari'ah law and ensure consistency in the practices of the Islamic financial institutions.

AAOIFI standards are developed in consultation with leading Shari'ah 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, Syria, Australia, Indonesia, Malaysia, Pakistan, Kingdom of Saudi Arabia and South Africa.

AAOIFI also provides professional development training programmes in the form of certified Shari'ah Advisor and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) with a view to enhance the industry’s human resource base and governance structures.

Al Baraka subscribes to AAOIFI to establish and maintain Shari'ah standards and practices.


The Shari'ah report for the year ended 31 December 2023 can be downloaded here
The Zakah payable on Albaraka Bank Limited shares as at 31 December 2022 is 58.5 cents per share. Shareholders are advised to discharge Zakah individually, as the bank is not mandated to discharge on their behalf.
Albaraka Bank Limited subscribes to the Code of Banking Practice of the Banking Association of South Africa.

Money Laundering is a process by which criminals hide or disguise the proceeds of their crime so that they appear to have originated from a legitimate source. Money Laundering has been identified as the third biggest business activity internationally.

Our Obligations
Sections 21 and 22 of FICA, and the regulations thereto, require all South African banks to ensure that they have correct details of all their customers by establishing and verifying certain customer details. These requirements have come to be known as “Know Your Customer” (KYC).

What this means for Al Baraka Bank’s customers is that they are required to provide the bank with certain information and documents to enable the bank to meet their obligation to comply with FICA.

Our Commitment
Al Baraka is committed to ensuring that our FICA identification or re-identification processes are done in a responsible manner. We have set up an infrastructure aimed at contacting our customers and encouraging you to come into our branches to verify your details. 

What You Need to Do
You need to supply us with documents that allow us to verify your identity. The information and documents required vary depending on whether you are our customer in a personal individual capacity or part of an entity.

The BEE Certificate dated 07 October 2023 may be downloaded here

Registration details of Al Baraka Bank incorporated in South Africa appear below:

Company Name: Albaraka Bank Limited

Authorized FSP No: 4652

Registration Number: 1989/003295/06


Registered Office: 2 Kingsmead Boulevard
Kingsmead Office Park
Stalwart Simelane Street

Postal Address: PO Box 4395

Tel. Number: (031) 364 9000

E-mail Address:

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