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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.

General Council for Islamic Banks and Financial Institutions (CIBAFI)

An international organization established in 2001 AD by a royal decree from the Government of the Kingdom of Bahrain. Its headquarters are in the Kingdom of Bahrain. It is a member of the Organization of Islamic Cooperation (OIC). The General Council is the official umbrella for the Islamic financial industry worldwide. The General Council includes in its membership more than Of 130 financial institutions, distributed in more than 34 countries, it includes the most important players in the Islamic financial market, international multilateral institutions, and professional associations in the industry, and it is known as one of the main organizations and building blocks in the structure of Islamic finance.

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