UK Islamic bank first to adopt global ethical finance standard
Al Rayan Bank has become the first financial intuition to adopt a new “Code of Ethics for Islamic Finance Professionals” developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) – a not-for-profit standard-setting infrastructural institution for the global Islamic finance industry.
The new AAOIFI Code of Ethics, which supersedes the ones issued in 1998 and 2002, and becomes effective on 1 January 2021, was developed over a period of three years following rigorous face-to-face interviews and consultations with a diverse set of industry stakeholders such as regulators, directors, Shariah scholars, CEOs, practitioners, and consultants, from different countries.
The Code, broadly speaking, argues that the way to ethics is through justice and the way to justice is through excellence. The Islamic finance professionals, and therefore by extension, the Islamic financial institutions (IFIs), are always strongly encouraged to pursue excellence in all their work activities.
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