Regulators & Supporting Institutions
Islamic financial institutions are authorized and supervised by the regulator in the country in which they operate. In addition, there are two standard-setting bodies: AAOIFI and IFSB. There are also supporting institutions. Click on each of the below institution to have a detailed explanation for their role.
- The Accounting and Auditing Organization for Islamic Financial Institutions (known as AAOIFI) was founded in 1990. AAOIFI is based in Bahrain and is non-profit corporate body serving as a standard setter for the Islamic financial institutions. AAOIFI issues standards on: accounting, auditing, governance, ethics and
- AAOIFI FAS 38: “Wa’ad, English]
- AAOIFI FAS 37: "Financial Reporting by Waqf Institutions" [English].
- AAOIFI FAS 36: "First Time Adoption of AAOIFI Financial Accounting Standards”[English].
- AAOIFI FAS 35: "Risk Reserves" [English].
- AAOIFI FAS 34: "Financial Reporting for Sukuk holders" [English].
- AAOIFI FAS 33: "Investment in Sukuk Shares and Similar Instruments" [English].
- AAOIFI FAS32: "Ijarah" [English].
- AAOIFI FAS31: "Investment Agency (Al-Wakala Bi Al-Istithmar)" [English].
- AAOIFI FAS30: "Impairment, Credit Losses and Onerous Commitments" [English].
- AAOIFI FAS 28 "Murabaha and Other Deferred Payment Sales" [English][Arabic].
Auditing Standards for Islamic Financial Institutions (ASIFI)
- AAOIFI ASIFI 6:"External Shari’ah Audit (Independent Assurance Engagement on an Islamic Financial Institution’s Compliance with Shari’ah Principles and Rules)" [English].
Governance standards for Islamic Financial Institutions (GSIFI)
- AAOIFI GS 13: "Waqf Governance" [English]. Guidance Note for Governance Standard 13 [English]
- AAOIFI GS 12: "Sukuk Governance" [English].
- AAOIFI GS 11: "Internal Shari’ah Audit" [English].
- AAOIFI GS 10: "Shari’ah Compliance and Fiduciary Ratings for Islamic Financial Institutions" [English].
- AAOIFI GS 9: "Shari’ah Compliance Function" [English].
- AAOIFI GS 8: "Central Shari’ah Board" [English]. "الهيئةالشرعيةالمركزية" [Arabic].
- AAOIFI "Code of Ethics for Islamic Finance Professionals" [English]
- Full Standards(November 2017) "Shari’ah Standards for Islamic Institutions-Full text" [English].
- "Shari’ah Standard No. 57 on Gold and its Trading" [English][Arabic].
- "Auditing Guidance Note (AGN) No. 02 “Auditor’s Report” [English].