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Friday, March 23, 2007

Certified Islamic Public Accountants for Islamic Mega Banks

Since 1991, when the Islamic banking and finance industry itself decided that the existing international standards were inadequate to cater for its needs, we have come a long way to being recognised as the main standard-setting organisation. We have now issued 56 standards on accounting, auditing, governance, ethical, and Shari'a standards, including a statement on capital adequacy. Over the years, AAOIFI has taken significant steps to encourage the application and enforcement of its standards throughout the world.

From their Website-Certified Islamic Public Accountant documents

AAOIFI is an international autonomous non-profit making corporate body responsible for developing accounting, auditing, governance, ethics and Shari’a standards for the Islamic finance industry. AAOIFI is supported by more than 120 member organizations and contributes significantly to the global Islamic finance industry by establishing and promoting adherence to high-quality professional standards and improving the human capital expertise in the industry. AAOIFI was established in 1990 and has its corporate office in the Kingdom of Bahrain.

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