AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an international body that develops standards for accounting, auditing, governance, and Sharia compliance specifically for Islamic finance. Established in 1991, its aim is to ensure that Islamic financial institutions operate in accordance with Islamic laws and principles. AAOIFI's standards help enhance transparency, accountability, and uniformity within the industry, supporting the growth and stability of Islamic finance globally. By providing guidelines, AAOIFI promotes best practices and helps institutions maintain their ethical and religious obligations while conducting financial transactions.