AAOIFI General Assembly acts as the ultimate authority over AAOIFI. Similar to shareholders’ meeting, the General Assembly meeting is a forum for AAOIFI institutional members. The General Assembly meeting has powers to approve, amongst others, amendments of AAOIFI’s Statute, admission of new institutional members, appointment of Board of Trustees, and adoption of annual financial statements.
The General Assembly is composed of all founding, associate, supporting and observing members and regulatory and supervisory authorities.
Observer and supporting members have the right to participate in the meetings of the General Assembly but without a right to vote. The General Assembly is the supreme authority and convenes at least once a year. It is composed of the members listed under Institutional Membership menu (add a hyperlink).
General Assembly Meeting
The General Assembly convenes at least once a year at the invitation of the Chairman of the Board of Trustees, or at the request of 25% of the members who have the right to vote. Such request is submitted to the Chairman. The General Assembly elects, from among its founding members, a Chairman for its meeting for a period of one year.
The quorum necessary for convening a valid meeting of the General Assembly is the presence or proxy of at least 51% of the members who have the right to vote and who have paid their subscriptions.
Each founding member, associate member and members representing regulatory and supervisory authorities has a number of votes for each membership fee or the multiple thereof but shall not exceed twenty votes. Resolutions in respect of all items on the agenda is adopted by the absolute majority of the votes of the members in person, or by proxy except for resolutions for amending AAOIFI’s Statute which is adopted by a majority of two-thirds of the votes of the members in person or by proxy.
Any member may give a written proxy to another member to attend and vote on his behalf.
Where no quorum is available, the General Assembly is called for another meeting to be convened within not more than three months. This other meeting is valid by the presence or proxy of at least 25% of the members who have the right as vote and who have paid their subscriptions.
Powers of the General Assembly