Accounting and Auditing Organization for Islamic Financial Institutions

Application Procedures

AAOIFI secretariat will evaluate thoroughly the above information and ensure that the induction of the member is supported to the cause of AAOIFI and that the member shall be expected to contribute positively towards the AAOIFI’s functions and resources.

Following factors, if present, shall be considered a significant reason for disqualification of any potential member:

Known image of Shari’ah non-compliances or fraudulent activities that may impact AAOIFI’s reputation;
Operations without appropriate licenses and regulatory supervision;
Weak financial position and history of defaults; and
History or reputation of having or demonstrated views against AAOIFI’s established standards, unless under compulsion of laws and regulations.

After evaluation of the same, the secretariat shall obtain approval of membership from the Board of Trustees, through the Board of Trustees meeting or by circulation. Upon approval by majority decision of the Board of Trustees, and subject to payment of fees, the membership will be granted. Subsequently, the General Secretariat shall submit the membership to the General Assembly meeting for notification.

General Authorization by the Board of Trustees to the AAOIFI Secretariat

The Board of Trustees hereby approves the membership requirements policy.