The founding members are the Islamic financial institutions that are signatories to the Agreement establishing AAOIFI in 1989, and those that have been subsequently accepted as founding members. These are: The Islamic Development Bank, Dallah Al Baraka, Faysal Group (Dar Al Maal Al Islami), Al Rajhi Banking & Investment Corporation, 3Kuwait Finance House., and Albukhary Foundation.
(A)Islamic financial institutions and companies that comply with Islamic Shari’ahrules and principles in all their transactions.
(B)Islamic Fiqh academies and learning institutions.
Associate members shall have the right to participate and vote in the meetings of the General Assembly. They shall also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.
(A)File an application in this respect
(B)Obtainan initial approval by the Board of Trustees of this application.
(C)Fulfil all the financial obligations of the founding members from the date of the initial approval.
(D)Issuance of a final resolution on this application by the General Assembly.
These members shall comprise regulatory and supervisory authorities that supervise Islamic financial institutions. Members representing regulatory and supervisory authorities shall have the right to participate and vote in the meetings of the General Assembly. They shall also have the rightto take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.
The observer members shall comprise:
(A)Organizations and associations responsible for regulating the accounting and auditing profession and/or those responsible for preparing accounting and auditing standards.
(B) Practicing certified accounting and auditingfirms that have interest in the accounting and auditing practices of Islamic financial institutions.
(C) Financial institutions engaged in financial activities of Islamic institutions.
(D) Users of financial statements of Islamic financial institutions.
Observer members shall have the right to participate in the meetings of the General Assembly but without a right to vote. They shall also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.
The supporting members shall comprise financial institutions and other institutions that have relationship with Islamic financial institutions. Supporting members shall have the right to participate in the meetings of the General Assembly but without a right to vote. They shall also have the right to take part in AAOIFI’s events and receive AAOIFI’s publications at AAOIFI’s members’ rates.