Membership Categorise


Membership Categorise

Founding Members

The founding members are the Islamic financial institutions that are signatories to the Agreement establishing AAOIFI in 1989, and those that have been subsequently accepted as founding members. These are: The Islamic Development Bank, Dallah Al Baraka, Faysal Group (Dar Al Maal Al Islami), Al Rajhi Banking & Investment Corporation, Kuwait Finance House., and Albukhary Foundation.

Associate Members

The associate members comprise:

(A) Islamic financial institutions and companies that comply with Islamic Shari’ah rules and principles in all their transactions.

(B) Islamic Fiqh academies and learning institutions.

Associate members shall have the right to participate and vote in the meetings of the General Assembly but without a right to vote. They shall also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.

An associate member is entitled to enjoy the rights of the founding members provided the following terms are satisfied:

(A) File an application in this respect.

(B) Obtain an initial approval by the Board of Trustees of this application.

(C) Fulfill all the financial obligations of the founding members from the date of the initial approval.

(D) Issuance of a final resolution on this application by the General Assembly.

Members representing regulatory and supervisory authorities

These members comprise regulatory and supervisory authorities that supervise Islamic financial institutions.

Members representing regulatory and supervisory authorities have the right to participate and vote in the meetings of the General Assembly. They also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.

Observer members

The observer members comprise:

(A) Organizations and associations responsible for regulating the accounting and auditing profession and/or those responsible for preparing accounting and auditing standards.

(B) Practicing certified accounting and auditing firms that have interest in the accounting and auditing practices of Islamic financial institutions.

(C) Financial institutions engaged in financial activities of Islamic institutions.

(D) Users of financial statements of Islamic financial institutions.

Observer members have the right to participate in the meetings of the General Assembly but without a right to vote. They also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.

Supporting members

The supporting members comprise financial institutions and other institutions that have relationship with Islamic financial institutions.

Supporting members have the right to participate in the meetings of the General Assembly but without a right to vote. They also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.