AAOIFI and IFSB collaborating on Shariah governance standard
LONDON - Islamic finance industry infrastructure bodies AAOFI and IFSB are working together to develop a standard on Shariah governance.
Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions and Kuala Lumpur-based Islamic Financial Services Board signed a memorandum of understanding in October 2018 to cooperate by jointly undertaking technical activities and revision of prudential, Shariah, accounting and governance standards as well as to raise awareness on issues in the Islamic finance industry.
The standard originates from the MoU in late 2018 signed between AAOIFI and IFSB, according to Dr. Rizwan Malik, Senior Manager, Standards Implementation & Strategic Developments at AAOIFI.
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