On Wednesday, January 06,2021, The Arab Monetary Fund (AMF) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding (MOU) to facilitate international cooperation between the two organizations to jointly undertake technical activities relating to the prudential, Shari’ah, accounting and governance standards as well as for promoting awareness of issues that are relevant or have an impact on the regulation and supervision of the Islamic financial services institutions, in addition to other areas of common interest between the two institutions.
The MoU was signed by H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Mr. Omar Mustafa Ansari Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
By signing the MOU, it is hoped to enhance the collaboration in various fields of mutual interest such as training, capacity building, and promoting the development of a prudent and transparent Islamic financial services industry in the Arab region through introducing new or adopting existing international standards consistent with Shari’ah principles.
About the AMF
The Arab Monetary Fund is a regional Arab financial institution, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance
of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance, capacity building and training to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) established in 1991 is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. As a leading standard-setter for the international Islamic finance industry. AAOIFI based in Bahrain is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are currently followed by leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.
For more information on AAOIFI, please contact:
Dr. Rizwan Malik, Senior Manager, Standards Implementation and Strategic Development, AAOIFI, Office: +973 – 17244496; e-mail: [email protected]