Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is inviting nominations for candidates to serve on its technical boards that are tasked to carry out development and revision of its international Islamic finance standards.
As a leading standard-setter for the international Islamic finance industry, AAOIFI has issued a total of 94 standards – comprising 54 Shari’a standards, 26 accounting standards, 5 auditing standards, 2 codes of ethics and 7 governance standards – for the international Islamic finance industry. The development and revision programs for those standards are overseen by the technical boards in AAOIFI, which currently consist of Shari’a Board as well as Accounting and Auditing Standards Board.
In order to better serve the international Islamic finance industry, it is proposed that AAOIFI Accounting and Auditing Standards Board will be split into two new technical boards, namely AAOIFI Accounting Board and AAOIFI Governance and Ethics Board. These two boards will be responsible for AAOIFI standards on accounting, auditing, ethics and governance. Meanwhile, AAOIFI Shari’a Board will continue to be responsible for AAOIFI Shari’a standards.
AAOIFI is seeking nominations for candidates to serve on the Shari’a Board as well as the proposed Accounting Board, and Governance and Ethics Board, for a 4-year term from 2016 to 2019, or until succeeding boards are appointed.
Nominations are invited from AAOIFI institutional members as well as other institutional stakeholders of the international Islamic finance industry – including central banks, regulatory and supervisory authorities, stock exchanges, Islamic financial institutions, conventional financial institutions that have interest in Islamic finance, accounting and auditing firms, legal firms, advisory firms, universities, higher learning institutions, and other institutions or organisations.
The nominations received from the international Islamic finance industry will be submitted to AAOIFI Nominating Committee, which will then submit its recommendations to AAOIFI Board of Trustees for approval. The nomination period will be for approximately one month, until 20 September 2015. Thereafter, discussions will be held by the Nominating Committee and the Board of Trustees. Appointments of the new technical boards are expected to be finalised towards the end of 2015 subsequent to AAOIFI General Assembly meeting along with necessary changes in statute.
Dr. Hamed Hassan Merah, Secretary General of AAOIFI, said “nomination for the technical boards will present the opportunity to contribute directly towards development of international standards for Islamic finance that can support further growth of the international Islamic finance industry”.
Eligibility criteria for candidates of each of AAOIFI technical board has been formulated in accordance to international best practices. The criteria and the application forms are available on AAOIFI website www.aaoifi.com along with further information on the technical boards.