MANAMA: Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has won a major Islamic finance award.It was awarded the prestigious Award for Continuing Contribution in Promoting Islamic Finance at the International Islamic Finance Forum.
AAOIFI secretary general Dr Mohamad Nedal Alchaar received the award at the awards gala lunch in Dubai.
He said that the award is a testimony of AAOIFI’s significant achievement in formulating international Islamic standards that have introduced greater harmonisation of Islamic finance practices and transparency in financial reports of Islamic financial institutions.
AAOIFI is the international organisation responsible for development and issuance of standards on accounting, auditing, ethics, governance, and Sharia. It has issued a total of 68 standards covering the whole range of Islamic finance practices that are accepted globally.
The standards are used in all the leading jurisdictions that offer Islamic finance including Bahrain, Dubai International Finance Centre, Kuwait, Lebanon, Malaysia, Pakistan, Qatar, Saudi Arabia, Sudan, Syria, and the UAE.
“The advantages and benefits of Islamic finance are embedded in the Sharia principles for Islamic finance,” Mr Alchaar said.