9 February 2026

PR/03/2026

The Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) Governance and Ethics Board (AGEB / the board), at its 44^th meeting held on 5 February 2026, via video conference, discussed the 2025 AGEB performance report and approved the 2026 AGEB plan.

During the meeting, the board reviewed and discussed AGEB’s 2025 performance report, which provided a comprehensive overview of its activities throughout the year. The discussion focused on key achievements, progress made on ongoing projects and other engagement activities. The board also reviewed the overall standard-setting outputs, including the approval of preliminary studies and the issuance of an exposure draft and final standards. The board acknowledged the progress achieved during the year and reaffirmed its commitment to continuing its efforts towards developing globally relevant standards that serve the best interests of the Islamic finance industry.

With regard to the plan for 2026, the board discussed and approved the priority standards to be developed during the year, along with the schedule of AGEB meetings. The approved priorities include governance standards (GSs) on “Principles of Assessment of Necessity for Obtaining Conventional Reinsurance by Takaful Institutions”, “Conversion of Conventional Institutions to Islamic Financial Institutions”, “Determination of Surplus, Deficit, Qard and their Management”, as well as, “Digital Banking”. This planning exercise is important, as it aligns the board’s work plan with the evolving needs of the Islamic finance industry, supports the timely issuance of relevant standards and ensures that AAOIFI’s strategic objectives are effectively translated into actionable priorities.

Mr. Farrukh Raza, chairman of the AAOIFI Governance and Ethics Board (AGEB), stated: “I would like to extend my sincere appreciation to the board, the relevant working groups and the secretariat for their continued dedication and tireless efforts throughout the year”. He added: “The progress achieved reflects our shared commitment to developing high-quality standards that respond to the evolving needs of the industry, and to further strengthening sound governance and ethical practices across the Islamic finance sector”.

On this occasion, Mr. Omar Mustafa Ansari, secretary general of AAOIFI, stated: “We commend the board’s performance during 2025 and the progress achieved across its key areas of work, which demonstrates effective execution of its mandate and steady advancement of AAOIFI’s standards-setting agenda”. He added: “We are confident that the standards planned for development will deliver positive outcomes for the Islamic finance industry and contribute to its continued growth”.