DDCAP Group™ is honoured to announce that we have been accepted as a member of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). We look forward to the opportunity to work with AAOIFI, it’s executive, committees and working groups on themes of work essential to the further development of our industry and to the global expansion of Islamic financial practice.
Further details on AAOIFI can be found at www.aaoifi.com and as detailed below:
AAOIFI is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia’a standards for Islamic financial institutions and the industry. Professional qualification programs (notably CIPA, the Sharia’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.
AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Sharia’a, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.