AAOIFI is a highly respected, global body dedicated to setting standards for Islamic finance governance, accounting, auditing, ethics, and Sharia compliance.
Established in 1991, AAOIFI plays a critical role in shaping the Islamic finance industry and ensuring it operates according to Islamic principles. Here are its key achievements and roles:
Achievements:
Global Standardisation: AAOIFI has developed over 100 standards covering accounting, auditing, governance, ethics, and Sharia compliance. These standards are used in over 45 countries where Islamic finance operates, making AAOIFI a crucial global player in standardising Islamic financial practices.
Sharia Compliance Standards: One of its most significant achievements is the development of Sharia standards that govern the operations of Islamic financial institutions. These standards ensure that products like Murabaha, Ijarah, Musharakah, and Sukuk comply with Islamic law and are used worldwide.
Role:
Standard Setter for Islamic Finance: AAOIFI’s primary role is to establish globally recognised standards that ensure Islamic financial institutions adhere to Sharia principles in their financial and operational practices. These standards create uniformity and clarity across the industry, ensuring credibility and confidence in Islamic finance.
Sharia Governance and Compliance: AAOIFI provides detailed guidelines on the governance structures required for Islamic financial institutions, including the establishment of Sharia Supervisory Boards and internal Sharia compliance systems. These frameworks help institutions operate ethically and in accordance with Islamic law.
Trusted by Industry Leaders: AAOIFI’s standards are followed by leading Islamic financial institutions, which ensures that products offered (Islamic Home Financing, Superannuation, Investments) are fully Sharia-compliant. Hejaz can assure its clients that by following AAOIFI standards, they are receiving products that adhere to the best global Sharia governance standards.
AAOIFI’s Expertise and Longevity: Highlight that AAOIFI has been a pioneering authority in Islamic finance for over three decades, shaping the industry and fostering its growth. By adhering to AAOIFI standards, Hejaz positions itself among the ranks of the most credible and ethically sound institutions in the Islamic finance sector.
By associating Hejaz’s products and services with AAOIFI’s globally respected standards, clients can trust that their financial dealings are halal, ethical, and transparent. This solidifies Hejaz’s credibility as a premier Islamic finance institution aligned with the best practices in the industry.
You man access the Shariah Certification at your convenience.