Islamic Banks have their Own Auditing Standards

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.