AAOIFI
Organization setting accounting and auditing standards for Islamic financial entities.
Detailed Description
AAOIFI
What is the main purpose of AAOIFI?
The main purpose of AAOIFI is to provide a comprehensive framework for Islamic financial institutions to operate in accordance with Shariah principles.
When was AAOIFI established?
AAOIFI was established in 1991 in Bahrain.
Who can become a member of AAOIFI?
AAOIFI membership is open to financial institutions, regulatory bodies, and academic institutions in the Islamic finance industry.
What types of standards does AAOIFI develop?
AAOIFI develops standards for accounting, auditing, governance, and ethics in Islamic finance.
How does AAOIFI impact the Islamic finance industry?
AAOIFI enhances the credibility of Islamic financial institutions and fosters trust, encouraging more engagement with Islamic finance products.