Trustees Bylaws


Trustees Bylaws

Appointment of Members to Fill Vacancies on the Board of Trustees

In the event that the term of office of a member of the Board of Trustees expires by reason of death, resignation, disability or removal from office, the General Assembly shall appoint a successor to fill the vacancy(s) subject to the following:

  1. A member shall be appointed to fill a vacant office by a majority of the votes of the General Assembly, and shall belong to the same category of the member whose office has become vacant.
  2. The term of office of a member appointed to fill a vacancy shall terminate upon the expiry of the original term of the member whose office had become vacant.

Reappointment of Members of the Board of Trustees

A member may be re-appointed including the members appointed to fill a vacant post, for a second term but may not be re-appointed for more than two successive terms, except for founding members. For the purposes of this provision, the completion of the remaining period of a term of office by a member appointed to fill a vacancy shall be considered a full term of office.

Appointment of the Chairman and Deputy Chairman of the Board of Trustees

The Board of Trustees shall elect, by secret ballot, a Chairman from amongst its founding members or the members who enjoy the rights of the founding members. The Board of Trustees shall also elect a Deputy Chairman. The election of the Chairman and the Deputy Chairman shall be by the majority of the votes of the members in person or by proxy.

Powers and Duties of the Chairman of the Board of Trustees

The Chairman of the Board of Trustees shall have the power to convene the General Assembly. The Chairman or in his absence the Deputy Chairman shall have the following powers and duties:

  1. He shall chair the meetings of the Board of Trustees.
  2. He shall chair the meetings of the Executive Committee
  3. He shall give initial approval of the membership applications before presenting them for final approval by the General Assembly.

Membership Rules of the Board of Trustees

  1. Except for the representatives of Islamic financial institutions, the regulatory and supervisory authorities, the organizations and associations responsible for regulating the accounting and auditing profession, the membership of the Board of Trustees shall be personal for the Board member and no member may delegate his powers to another person, nor shall he ask another person to replace him.
  2. No member may combine between the membership of the Board of Trustees or its sub-committees and the membership of the other Boards in AAOIFI.
  3. All members of the Board of Trustees shall be part-time members and shall render their service without remuneration.
  4. Subject to the provision of the Statute, a member shall be entitled to be reimbursed for the costs incurred in the course of discharging his duties on the Board in accordance with the terms determined by the General Assembly pursuant to the Statute.
  5. A member shall forfeit his membership in case of failure to pay the annual subscription dues.
  6. The Board of Trustees may exempt any member from payment of all or part of the annual subscription dues for any period determined by the Board.

Termination of Membership of the Board of Trustees

Membership of the Board of Trustees, including its Chairman, may be terminated by a resolution of the General Assembly of AAOIFI based on a vote of 2/3 (two-thirds) of the members of the Board of Trustees in any of the following cases:

  1. If the member abuses his office on the Board.
  2. If the member behaves in a manner considered by the Board to be harmful to the objectives and reputation of AAOIFI or the Board.
  3. If the member loses capacity or is convicted for an offence affecting his honor or integrity.
  4. If the member fails to attend three successive Board meetings without a reason acceptable to the Board.