The Accounting and Auditing Organization for Islamic Financial Institutions, or AAOIFI, focuses primarily on developing and issuing standards for the global Islamic finance industry. The Bahrain-based international and non-profit organization was founded in 1991 and is a leader in its field. It has issued a total of 100 standards in the areas of Shariah, accounting, auditing, ethics, and corporate governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulators, financial institutions and accounting firms, and law firms from over 45 countries. Its standards are currently followed by leading Islamic financial institutions around the world. As a result, AAOIFI has made an important contribution to the harmonization and standardization of international Islamic finance practices.
(Source: http://aaoifi.com/about-aaoifi/?lang=en)
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