Accounting and Auditing Organization for Islamic Financial Institutions

Executive Committee

The Executive Committee is composed of up to six members as follows:

The Chairman of the Board of Trustees or, in his absence, the Deputy Chairman as Chairman of the Committee.
The Secretary General of the Organization as member and rapporteur.
Up to two members to be appointed by the Board of Trustees from among its members.
Chairman of the Accounting Board and the Chairman of the Shari’ah Board or their deputies.

Powers of the Executive Committee

The Executive Committee has the following powers:

22/1 To discuss the work plan and the annual budget of AAOIFI and submit them to the Board of Trustees for approval.

22/2 To discuss AAOIFI’s annual report prepared by the General Secretariat to the Board of Trustees, financial statements and the report of the external auditor and submit them to the Board of Trustees for review before they are approved by the General Assembly.

22/3 Approval of the review and determination of the Secretary General’s salary increases and bonus.

22/4 Undertaking any other functions assigned by the Board of Trustees.

22/5 The Executive Committee may delegate any of its powers to its Chairman. It may also delegate any of its powers, except that referred to in paragraph 22/3, to the Secretary General of AAOIFI.

Meetings of the Executive Committee

The Executive Committee shall meet at least once a year at the request of the Secretary General, or as and when required at the request of either its Chairman or the Secretary General.
The presence or proxy of the majority of the members will be necessary to convene the meeting, provided that the Chairman of the Board of Trustees, or the Vice Chairman in case of the Chairman’s absence, is present at the meeting.

The resolutions of the Committee shall be passed by the majority of the votes of the members in person or by proxy. In case of a tie, the Chairman of the Committee shall have the casting vote.