Subject Guides: Islamic Finance: Associations and Organizations

Islamic Finance Associations & Organizations

Accounting and Auditing Organization for Islamic Financial Institutions
The Accounting and Auditing Organization for Islamic Financial Institutions(AAOIFI) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari'a standards for Islamic financial institutions and the industry. Professional qualification programs (notably CIPA, the Shari’a Adviser and Auditor "CSAA", and the corporate compliance program) are presented now by AAOIFI in its efforts to enhance the industry’s human resources base and governance structures.
International Islamic Financial Market
IIFM is a standard-setting organization for the Islamic financial services industry focusing on standardization of Islamic financial contracts and product templates relating to the capital & money market, corporate finance and trade finance segments of the industry.
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IIFM plays its role in market unification by developing best practices at the global level and achieving Shari’ah harmonization through its efforts for creation of a robust, transparent and efficient Islamic finance industry. IIFM also contributes in the development of the industry by organizing a number of industry awareness seminars and workshops.

IIFM was founded in 2002 by the collective efforts of the Islamic Development Bank, Autoriti Monetari Brunei Darussalam, Bank Indonesia, Central Bank of Bahrain, Central Bank of Sudan and the Bank Negara Malaysia (delegated to Labuan Financial Services Authority) as a neutral and non-profit organization. Besides the founding members, IIFM is also supported as member by certain regulatory and government bodies such as State Bank of Pakistan, Dubai International Financial Centre, Indonesia Financial Services Authority, The National Bank of Kazakhstan, and by a number of international and regional financial institutions and other market participants.