Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
One of the most prominent international non-profit organizations supporting Islamic financial institutions. It was founded in 1991 and is headquartered in the Kingdom of Bahrain. It seeks to achieve standardization and harmonization between international Islamic financial practices and financial reports of financial institutions in accordance with the provisions and principles of Sharia. To date, AAOIFI has issued more than 100 standards in the fields of accounting, auditing, work ethics, and governance, in addition to Sharia standards that have been adopted by central banks and financial authorities in a number of countries as mandatory or indicative. AAOIFI is also supported by a number of member institutions, including central banks, regulatory authorities, financial institutions, accounting and auditing firms, and law firms from more than 45 countries.