Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 and based in the Kingdom of Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry. AAOIFI is supported by over 187 active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms and legal firms from over 45 countries.
It has 131 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. Forty-seven regulatory and supervisory authorities (RSAs) in 42 countries around the globe adopt and / or recognise AAOIFI standards and technical pronouncements either fully, partially, as guidelines, as supplementary reporting or as a basis of development of local standards / regulations.