The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the availability of all sets of its standards online free of charge.
In the past, the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including accounting, governance, auditing and ethics standards available online on a complimentary basis in Arabic and English languages. The e-standards can be accessed from http://aaoifi.com/e-standards/?lang=en.
Availability of AAOIFI standards online will make it easier for the Islamic finance industry stakeholders to refer to and benefit from on a daily basis. The Islamic finance stakeholders are requested to refer to AAOIFI website to refer to the e-standards on a regular basis. AAOIFI will not take responsibility or approve other versions of the standards available on different social media platforms.
Mr. Omar Mustafa Ansari, Secretary General of AAOIFI, stated “We are thankful to the Executive Committee of AAOIFI for approving our request of making the standards available online. He further added availability of standards online especially in the times of COVID-19 will make them accessible to a wide range of stakeholders including regulators and other practitioners in the industry and thereby further assist in the implementation of AAOIFI standards globally.”
The standards going forward will be made available on the website once they are issued while the translation of these standards will be uploaded as soon as they are approved by the relevant translation committees.
As a leading standard-setter for the international Islamic finance industry, AAOIFI has issued a total of 117 standards and technical pronouncements – comprising 59 Shari’ah standards, 33 accounting standards, 8 auditing standards, 3 codes of ethics and 14 governance standards for the international Islamic finance industry. These standards are available in various languages; the Shari’ah standards are available in English, Arabic, French, Russian, Turkish, Urdu, the accounting, governance, auditing and ethics standards are available in English and Arabic. In addition, translation of these standards is on-going in Bengali and Mandrin.