Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is inviting nominations for candidates to serve on its technical boards that are tasked to carry out development and revision of its international Islamic finance standards.

As a leading standard-setter for the international Islamic finance industry, AAOIFI has issued a total of 122 standards and technical pronouncements – comprising 59 Shari’ah standards, 36 accounting standards, 15 governance standards, 08 auditing standards and 01 codes of ethics, in addition to 03 guidance notes and a technical release.

AAOIFI is seeking nominations for candidates to serve on the Shari’ah Board, as well as, the Accounting Board, and Governance and Ethics Board, for a 4-year term from February 2024 to February 2028, or until succeeding boards are appointed.

Nominations are invited from AAOIFI institutional members as well as other institutional stakeholders of the international Islamic finance industry – including central banks, regulatory and supervisory authorities, stock exchanges, Islamic financial institutions, conventional financial institutions that have interest in Islamic finance, accounting and auditing firms, legal firms, advisory firms, universities, higher learning institutions, and other institutions or organisations.

The nominations received from the international Islamic finance industry will be submitted to AAOIFI Nominations Committee, which will then submit its recommendations to AAOIFI Board of Trustees for approval.  The nomination period will commence today and continue until 03 December 2023.  Thereafter, discussions will be held by the Nominations Committee and the Board of Trustees.  Appointments of the new technical boards are expected to be finalised towards the end of 2023.

Mr. Omar Mustafa Ansari, Secretary General of AAOIFI, said “nomination for the technical boards will present the opportunity to contribute directly towards development of international standards for Islamic finance that can support further growth of the international Islamic finance industry”.  He added “Board members are actively engaged, typically participating in 3-5 meetings annually, and often contributing to working groups and committees. This pivotal role demands dedication and a commitment to serving the industry’s best interests.”.

Eligibility criteria for candidates of each of AAOIFI technical board has been formulated in accordance with international best practices. The eligibility criteria and online application form can be accessed via this link “link” and the downloadable form can be accessed via this link “link”

Institutions can submit the application form online. Alternately, the offline form can be filled out and sent to [email protected] via email.