Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Komite Nasional Keuangan Syariah (KNKS) – Indonesia’s National Committee for Islamic Finance signed a Memorandum of Understanding (MOU) at the 14th IFSB Summit in Jakarta on 14th November 2019.

The signing ceremony was held during the 14th IFSB Summit in Jakarta, Indonesia organised by Islamic Financial Services Board (IFSB) under the theme of “Islamic Finance for the Sustainable Development in the Era of Technological Innovations.”

Under the agreement, the two parties aim to work in the areas of common interest that support the development of Islamic finance industry. This includes meaningful exchange of information, conducting joint capacity-building programmes related to AAOIFI standards in Indonesia and other jurisdictions. AAOIFI and KNKS also seek to host events focused on areas of mutual interest, and promote their activities to the respective networks and local industries.

On this occasion the Secretary General of AAOIFI, Mr. Omar Mustafa Ansari stated that “we are extremely pleased to sign this MOU with an important institution like KNKS. We hope through this collaboration AAOIFI and KNKS will be able to support eachother in their mandates. KNKS has a very important role in the form of being the cordinator in the implemtnation of Islamic Economic Master Plan (2019-2024) in making Indoensia as the hub for Islamic economy and AAOIFI will lend its full support where needed”.

The Executive Director of KNKS Mr. Ventje Rahardjo Soedigno upon signing the MOU stated that “AAOIFI is a vital global infrastructural and standard setting body in Islamic finance with more than 200 institutional members, we are ecstatic to sign this agreement and hope that this will be the start of a very long and beneficial relationship for the two organisations”. Further Dr. Sutan Emir Hidayat, Director of Education and Research at KNKS who initiated the MOU said that “this MOU will serve as an umbrella for future collaboration between KNKS and AAOIFI”.