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The Governance and Ethics Board (AGEB) of Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has officially approved its 2026 work plan, prioritising the development of standards for digital banking and conventional-to-Islamic conversions.
The decision was finalised during the board’s 44th meeting held via video conference, where members also reviewed a comprehensive performance report for the previous year.
The board conducted a detailed review of its 2025 performance report, which provided a comprehensive overview of its global activities and standard-setting progress throughout the year.
The discussion highlighted the board’s excellence in standard-setting outputs, including the approval of preliminary studies and the successful issuance of exposure drafts and final standards.
Furthermore, the members noted substantial advancement on ongoing projects and various engagement activities designed to serve the Islamic finance sector.
The board concluded the review by acknowledging the year’s progress and reaffirming its commitment to developing globally relevant standards that serve the industry’s best interests.
Looking ahead to 2026, the AGEB has greenlit a schedule of high-priority Governance Standards (GSs) designed to meet the evolving technical and ethical needs of the market.
The board will prioritise the development of clear governance frameworks for digital banking to address the rapid expansion of Islamic fintech. Additionally, the plan includes the creation of a standard for the conversion of conventional institutions to Islamic financial institutions.
The board also approved work on the principles regarding the assessment of necessity for obtaining conventional reinsurance by Takaful institutions. Finally, the AGEB will focus on standards for the determination and management of surplus, deficit, and Qard.
This strategic planning exercise is considered vital for aligning the board’s work plan with the evolving needs of the Islamic finance industry.
It ensures that AAOIFI’s strategic objectives are translated into actionable priorities, supporting the timely issuance of relevant standards for the global financial community.
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