AAOIFI invites nominations for its technical boards

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is inviting nominations for candidates to serve on its technical boards that are tasked to carry out development and revision of its international Islamic finance standards.

As a leading standard-setter for the international Islamic finance industry, AAOIFI has issued a total of 112 standards and technical pronouncements – comprising 60 Shari’ah standards, 31 accounting standards, 6 auditing standards, 2 codes of ethics and 9 governance standards, 3 guidance notes and a technical release  – for the international Islamic finance industry.

AAOIFI is seeking nominations for candidates to serve on the Shari’ah Board as well as the Accounting Board, and Governance and Ethics Board, for a 4-year term from November 2019 to October / November 2023, or until succeeding boards are appointed.

Nominations are invited from AAOIFI institutional members as well as other institutional stakeholders of the international Islamic finance industry – including central banks, regulatory and supervisory authorities, stock exchanges, Islamic financial institutions, conventional financial institutions that have interest in Islamic finance, accounting and auditing firms, legal firms, advisory firms, universities, higher learning institutions, and other institutions or organisations.

The nominations received from the international Islamic finance industry will be submitted to AAOIFI Nominating Committee, which will then submit its recommendations to AAOIFI Board of Trustees for approval.  The nomination period will commence today and continue until 29 August 2019.  Thereafter, discussions will be held by the Nominating Committee and the Board of Trustees.  Appointments of the new technical boards are expected to be finalised towards the end of 2019 subsequent to AAOIFI General Assembly meeting.

Mr. Omar Mustafa Ansari, Secretary General of AAOIFI, said “nomination for the technical boards will present the opportunity to contribute directly towards development of international standards for Islamic finance that can support further growth of the international Islamic finance industry”.  He added “Boards hold on average 3-5 meetings per year, members of the Board can also be working groups and committees members. This is a crucial position which requires commitment and devoting time to better serve the industry”.

Eligibility criteria for candidates of each of AAOIFI technical board has been formulated in accordance to international best practices.  The criteria and the application forms are available BY CLICKING HERE along with further information on the technical boards.

Please submit your nominations and any enquiries at e-mail: [email protected]