The Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has announced the formation of its new technical boards and the names of appointed members of these boards for a 4-year term.
Currently, the standards development, revision, and related technical work programs in AAOIFI are spearheaded by three technical boards, namely Shari’ah Board, Accounting Board and Governance and Ethics Board.
(1) Shari’ah Board – is responsible to develop and review of Shari’ah standards and related materials including guidelines, researches and interpretations.
(2) Accounting Board – is responsible to develop and review accounting standards and all related materials including guidelines, researches and interpretations.
(3) Governance and Ethics Board – is responsible to develop and review governance standards and codes of ethics, as well as, auditing standards and all related materials including guidelines, researches and interpretations.
The appointments of the technical boards have followed extensive, transparent, and professional evaluation / appraisal, nomination and selection processes conducted by AAOIFI over the past few months.
For the Shari’ah Board, AAOIFI has appointed 21 members from 14 nationalities, consisting of Shari’ah scholars who also serve on Shari’ah Supervisory Boards of Islamic Financial Institutions and Shari’ah scholars who do not serve on such boards (but serve central banks, regulatory authorities, governmental bodies, academia or not-for-profit organizations).
For the Accounting Board, AAOIFI has appointed 15 members from 11 nationalities, consisting of accountancy professionals representing Islamic financial institutions, central banks and regulatory authorities, accounting and auditing firms, national accounting standards setting bodies, ministries and the academia.
For the Governance and Ethics Board, AAOIFI has appointed 15 members from 11 nationalities, consisting of representatives of Islamic financial institutions, central banks and regulatory authorities, accounting and auditing firms, governance-related professions, and the academia.
The full lists of members of the above technical boards are attached herewith.
Commenting on the announcement of appointments of the members of the technical boards. H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees stated: “We would like to welcome the new members to AAOIFI technical boards and we are confident of their ability to deliver on the great mission entrusted to them for providing guidance and setting best practices for the global Islamic finance industry. We hope that their efforts will contribute toward further development and prosperity of the international Islamic finance industry and to help keep the industry at the right track. We would also like to thank all stakeholders and institutional members in supporting the nomination, selection and appointment processes”. He further added: “On behalf of AAOIFI Board of Trustees, I would like to place on record the highest appreciation of the contribution of the outgoing technical boards to the cause of Islamic finance, in general, and that of AAOIFI, in particular. These boards have worked hard and have developed top quality standards at an unprecedented rate”.
Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, stated: “We are pleased to have completed the process of formation of the new technical boards and we look forward to working with the esteemed newly appointed members who bring with them extensive experience in the Islamic finance industry and their relevant fields. We are confident that the new boards shall not only keep pace with and maintain quality in the standard development process, at the level set by the outgoing boards, but will also bring further improvement”.