Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a Bahrain-based not-for-profit organization that was established to maintain and promote Shari’ah standards for Islamic financial institutions, participants and the overall industry. The commission also organizes a number of professional development programs (especially the Islamic legal accountant program, observer program and forensic auditing program) in their effort to improve the industry.
AAOIFI was established in accordance with the Agreement of Association which was signed by Islamic financial institutions on 26 February 1990 in Algiers. Then, it was registered on 27 March 1991 in Bahrain. It has members from more than 45 countries, including central banks and Islamic financial institutions and other parties working in the financial industry and banking, Islamic International.
The organizational structure of AAOIFI includes a general assembly. AAOIFI also has a board of trustees and an accounting and auditing standards board each consisting of fifteen part-time members, a Shari'ah committee consisting of four part-time members, an executive committee, and a secretary-general who is a full-time executive and heads the general secretariat.
The objectives of AAOIFI are:
To develop accounting and auditing thoughts relevant to Islamic financial institutions
To disseminate accounting and auditing thoughts relevant to Islamic financial institutions and its applications through training, seminars, publication of periodical newsletters, carrying out and commissioning of research and other means
To prepare, promulgate and interpret accounting and auditing standards for Islamic financial institutions
To review and amend accounting and auditing standards for Islamic financial institutions
MIB has been Associate Member of AAOIFI since 2024.
