AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions)

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is a non-profit organization that sets standards for accounting, auditing, and governance specific to Islamic finance. Established in 1991, it aims to provide a framework ensuring that Islamic financial practices comply with Shariah law, which prohibits activities like charging interest. AAOIFI develops guidelines to enhance transparency, reliability, and accountability in Islamic financial institutions globally, promoting trust and consistency across the industry. Its standards help organizations align their operations with Islamic principles while ensuring sound financial reporting and effective risk management.