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Beirut Islamic Financial Institutions Forum Beirut, Lebanon, 5 November 2010

Beirut Islamic Financial Institutions Forum Beirut, Lebanon, 5 November 2010. AAOIFI is responsible for developing and issuing standards for international Islamic finance industry. Supported by over 200 institutional members from over 45 countries.

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Beirut Islamic Financial Institutions Forum Beirut, Lebanon, 5 November 2010

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  1. Beirut Islamic Financial Institutions Forum Beirut, Lebanon, 5 November 2010

  2. AAOIFI is responsible for developing and issuing standards for international Islamic finance industry. • Supported by over 200 institutional members from over 45 countries. • Members are central banks, regulatory authorities, financial institutions, accounting & auditing firms, legal firms, etc. AAOIFI

  3. Standards • 44 Shari’a standards. • 27 accounting standards. • 5 auditing standards. • 7 governance standards. • 2 codes of ethics. • In addition, new standards are being developed and existing standards reviewed.

  4. Adoption of standards • AAOIFI standards have been followed – as part of regulatory requirement, or internal guidelines – by leading Islamic financial institutions throughout the world. • Also adopted by Islamic Development Bank Group.

  5. Application of standards • Expertise for technical application of standards is supported by AAOIFI’s professional development qualification programs: • Certified Shari’a Adviser and Auditor (CSAA). • Certified Islamic Professional Accountant (CIPA). • AAOIFI has also launched Contract Certification Program.

  6. Technical Infrastructure for Accounting Standards • Ultimate authority on accounting, auditing, ethics, and governance standards. • Comprises Shari’a scholars and senior representatives of regulatory authorities, Islamic financial institutions, accounting and auditing firms, legal firms, etc. Accounting and Auditing Standards Board • Sub-committee of the Accounting and Auditing Standards Board. • Working group on development of accounting, auditing, ethics and governance standards. Accounting Standards Committee

  7. Preliminary study • Based on • suggestions from • industry and • standards committee • and board. • Study is submitted • for discussion at • standards committee • and board. • Also applies to • review of existing • standards. • Approval of • standard • Final version of • standard takes • into account • comments from • industry and • public hearings. • Standard is • subject to • standards • board’s • approval. • Publication • of standard • Standards are • issued through • AAOIFI’s • standards • publications. • Announcements • on approval and • issuance of • standards • carried out in • industry • publications, • etc. • Exposure draft • Prepared by • consultants. • Discussions with • industry. • Draft preparation • overseen by • standards • committee. • Draft is subject to • standards board’s • approval. • Draft is distributed • to industry and • submitted to • public hearing.

  8. Enhance confidence of users of Islamic finance products. Promote growth of demand for Islamic finance. AAOIFI standards reflect concept and essence of Islamic finance transactions. And bring about harmonisation of Islamic finance practices.

  9. Promote better view of financial performance of IFIs. Enhance transparency of financial reports. AAOIFI standards also ensure convergence of financial reporting by IFIs. And introduce greater clarity to the financial reports of IFIs.

  10. Thank You www.aaoifi.com

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