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Islamic Finance by Keon Chee, Daud Vicary Abdullah

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INTERNATIONAL ISLAMICFINANCIAL ORGANISATIONS

Earlier in the chapter, we briefly mentioned three important international organisations—AAOIFI, IFSB and IIFM—that have provided a foundation for the growth of Islamic finance.

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The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

For the Islamic finance industry—though emerging, but rapidly growing and evolving—standards are important as they give shape to the market and help to define characteristics of the industry … and also provide the basis for continuing the development of this industry. — Dr Mohamad Nedal Alchaar, Secretary-General of AAOIFI

The AAOIFI was established ...

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