In consideration of the Kingdom of Saudi Arabia’s pivotal role and influential status at the forefront of the global Islamic finance industry, both locally and globally, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has always been, and is still, keen to deliver on its mandate and mission in its capacity as the leading standard setter for the Islamic finance industry, worldwide, as evident in its initiatives towards developing and enhancing professional and technical ties with the Kingdom at regulatory and supervisory levels, as well as at the level of Islamic financial institutions and academic and research institutions.

In this regard, the most recent development was the official signing ceremony, held in Riyadh, in celebration of the admission of the Saudi Capital Market Authority (CMA) as an institutional member of AAOIFI, along with a number of distinct and prominent institutions such as central banks and regulatory and supervisory authorities, for capital markets, insurance, and financial sectors, hailing from a number of countries around the globe. The ceremony was held at the CMA’s headquarters in Riyadh, on 13 October 2016.

The membership agreement was signed by H.E. Mr. Mohammad Bin Abdulla Al Jadaan, Chairman, CMA, and H.E. Dr. Hamed Hassan Merah, Secretary General, AAOIFI. Dr. Merah stated: “the admission of CMA as an institutional member of AAOIFI is a quantum leap for AAOIFI, taking into consideration the Kingdom’s central role at various levels. In AAOIFI, we are particularly keen to achieve higher degrees of harmonization and standardization in Islamic finance products and practices worldwide, and this would add to the industry’s transparency, reliability and credibility.

At the signing ceremony, H.E. Mr. Al Jadaan, also said: “we are pleased to forge such a professional relationship with AAOFI, which is deemed among the leading standard setters for the Islamic finance industry across the globe. This was also reflected in several joint activities and events, including a major international conference held in al-Madinah al-Munawwarah, where a host of essential topics were discussed by a distinguished group of global experts. Moreover, AAOIF has delivered a number of training programs for CMA’s senior management members on essentials of Islamic finance and economics”.