Manama: Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced it is inviting nominations for candidates to serve on its technical boards that are tasked to carry out development and revision of its international Islamic finance standards.
As a leading standard-setter for the international Islamic finance industry, AAOIFI has issued a total of 94 standards – comprising 54 Sharia, 26 accounting, five auditing, two codes of ethics and seven governance – for the international Islamic finance industry.
The development and revision programmes for those standards are overseen by the technical boards in AAOIFI, which currently consist of the Sharia Board as well as the Accounting and Auditing Standards Board.
In order to better serve the international Islamic finance industry, it is proposed that the Accounting and Auditing Standards Board will be split into two new technical boards, namely Accounting Board and Governance and Ethics Board.
These two boards will be responsible for standards on accounting, auditing, ethics and governance.
Meanwhile, the Sharia Board will continue to be responsible for Sharia standards.
AAOIFI is seeking nominations for candidates to serve on the Sharia board as well as the proposed accounting board, and governance and ethics board, for a four-year term from 2016 to 2019, or until succeeding boards are
appointed.
Nominations are invited from AAOIFI institutional members as well as other institutional stakeholders of the international Islamic finance
industry.
These include central banks, regulatory and supervisory authorities, stock exchanges, Islamic financial institutions, conventional financial institutions that have interest in Islamic finance, accounting and auditing firms, legal firms, advisory firms, universities, higher learning institutions, and other institutions or organisations.
The nominations received from the international Islamic finance industry will be submitted to the nominating committee, which will then forward its recommendations to the board of trustees for
approval.
Nominations will be received until September 20.
Thereafter, discussions will be held by the nominating committee and the board of trustees.
Appointments of the new technical boards are expected to be finalised towards the end of the year subsequent to the general assembly meeting along with necessary changes in statute.
AAOIFI secretary-general Dr Hamed Hassan Merah said nomination for the technical boards will present the opportunity to contribute directly towards development of international standards for Islamic finance that can support further growth of the international Islamic finance industry.
Eligibility criteria for candidates of each of technical boards has been formulated in accordance to international best practices.
The criteria and the application forms are available on AAOIFI website (www.aaoifi.com) along with further information on the technical
boards.
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