The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has taken the initiative to leverage various technologies, applications and services to fully digitalize and automate its internal and external operations and processes. This digital transformation exercise is part of the AAOIFI’s push to achieve operational efficiency and optimum resource utilization for enhanced value offering.

AAOIFI enlisted the support of Lyst Technologies (LYST) for the successful design, development and implementation of the digital transformation strategy of AAOIFI, which includes, besides other projects, the following key projects: implementation of the enterprise resource planning (ERP) and customer relationship management (CRM) solutions; online payment gateway; process automation of the capacity building services of AAOIFI; and development of an AAOIFI website, online portal for Journal of Islamic Finance Accountancy (JOIFA) and smart apps.

On this occasion, Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, remarked, “the digital transformation project is a long overdue strategic initiative of AAOIFI. With this project, we primarily aim to streamline the standard-setting process, create new channels of communication and engagement with our stakeholders and to improve the adoption rate and quality of implementation of AAOIFI standards.” He added that the “successful implementation of this project will improve the efficiency, productivity and sustainability levels of AAOIFI as significant cost, time and effort savings will be realized through automation of processes.”

Mr. Naji Moukadam, CEO, Lyst Technologies, said, “We are honored to extend our relationship with AAOIFI and be the preferred technology partner for their digital transformation project. At LYST, we are aiding the Islamic finance industry in its digitalization needs so that it can be more responsive to the ever-changing needs and demands of both businesses and customers. As a trusted technology partner of choice for global businesses, we constantly seek to enhance performance by focusing on innovative approaches towards delivering maximized business value and commitment to continuous sustainability.” Moreover, he said, “we are looking forward to digitalizing one of the most important infrastructural institutions of the Islamic finance industry: AAOIFI!”

Under the arrangement, LYST will digitally transform and automate all AAOIFI operations and processes using state-of-the-art technologies and solutions within a period of one year.