AAOIFI appoints members of its new technical boards after extensive selection process, from amongst 180 nominations from 37 countries

AAOIFI  appoints members of its new technical boards after extensive selection process, from amongst 180 nominations from 37 countries
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced formation of its new technical boards and the names of appointed members of these boards for a 4-year period- up till end of 2019, or until the succeeding boards are appointed.
Currently, the standards development, revision, and related technical work programs in AAOIFI are overseen by two technical boards, namely Shari’ah Board – which is responsible for work programs on Shari’ah standards as well as for ensuring Shari’ah compliance on accounting, auditing, ethics and governance standards – and Accounting and Auditing Standards Board – which is responsible for work programs on accounting, auditing, ethics and governance standards.
In order to better serve the international Islamic finance industry, AAOIFI has restructured its technical standards boards and enhanced their major responsibilities.Accordingly, the technical standards boards in AAOIFI will now consist of:
(1) Shari’ah Board – which shall be responsible to carry out development and review of Shari’ah standards and related materials including guidelines, researches and interpretations. It shall also be responsible for general strategies relating to development and adoption of the Shari’ah standards.
This board is the supreme authority for the Islamic finance industry worldwide, and the standards it issues are widely applied globally.
(2) Accounting Board – which shall be responsible to carry out development and review of accounting standards and all related materials including guidelines, researches and interpretations.  It shall also be responsible for general strategies relating to development and adoption of the accounting standards. The Accounting Board shall also coordinate with the Governance and Ethics Board to formulate strategies and standards work program relating to auditing standards including those on Shari’ah auditing.
(3) Governance and Ethics Board – which shall be responsible to carry out development and review of governance standards and codes of ethics, and all related materials including guidelines, researches and interpretations.  It shall also be responsible for general strategies relating to development and adoption of the governance standards and codes of ethics.
The appointments have followed extensive, transparent, and professional nomination and selection processes carried out by AAOIFI over the past few months.  The processes included calls of nominations for candidates together with the criteria for eligibility that were circulated to the international Islamic finance industry in August 2015.
AAOIFI had received in total more than 180 nominations from 37 countries.  As overseen by its Nominating Committee and Board of Trustees, the subsequent selection processes have resulted in the appointment of members of the new technical standards boards.
For the Shari’ah Board, AAOIFI has appointed 20 members from 17 nationalities, consisting of 16 Shari’ah scholars who also serve on Shari’ah Supervisory Boards of Islamic Financial Institutions and 4 Shari’ah scholars who do not serve on Shari’ah Supervisory Boards of any Islamic financial institution (but may serve central banks, regulatory authorities, governmental bodies, or not-for-profit organisations).
For the Accounting Board, AAOIFI has appointed 15 members from 13 nationalities, consisting of accountancy professionals representing Islamic financial institutions, central banks and regulatory authorities, accounting and auditing firms, national accounting standards boards or national accountants’ bodies, and academia.
For the Governance and Ethics Board, AAOIFI has appointed 15 members from 13 nationalities, consisting of representatives of Islamic financial institutions, central banks and regulatory authorities, governance-related professions, and academia.
(The full lists of members of the above technical standards board are attached to this press release).
In commenting on the appointments of the members of the technical standards boards, H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees said, “we would like to welcome the new technical standards boards and we are certain that they will discharge their responsibilities effectively to support further growth and development of international Islamic finance industry.  We would also like to thank all our institutional members and stakeholders in supporting the nomination, selection and appointment processes”.
Dr. Hamed Hassan Merah, Secretary General AAOIFI, added that “we look forward to working with the new technical boards in carrying out our standards development and revision programs as well as on the strategies to enhance quality of the standards and achieve wider adoption of the standards.  In carrying out all these activities, we will also continue to seek inputs and feedback from all out institutional members and key stakeholders of the international Islamic finance industry”.

List of Members of Shari’ah Board
List of Members of Accounting Board
List of Members of Governance and Ethics Board