Established as an industry body responsible for international Islamic finance standards on sharia, accounting, auditing, governance and ethics, Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plays an important role in promoting standardisation and harmonisation of Islamic finance practices. To date, AAOIFI has issued 44 sharia standards, 26 accounting standards, seven governance standards, five auditing standards and two codes of ethics.
Sharia and accounting standards
