H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), has announced that Dr Khaled Al Fakih has left AAOIFI and will be pursuing other opportunities. AAOIFI will be carrying out the due process for selection and appointment of a new Secretary General.
H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa said “on behalf of AAOIFI and the Board of Trustees, I would like to thank Dr Al Fakih for his contribution to AAOIFI and the international Islamic finance industry.”
H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa added “AAOIFI is committed to discharge our responsibilities in developing and issuing high-quality standards. In order to support the growth of international Islamic finance industry, the standards development process must be robust and accompanied by effective consultation with the industry and the esteemed Shari’a scholars.”
AAOIFI has issued a total of 88 standards for international Islamic finance in the areas of accounting, auditing, ethics, governance, and Shari’a for international Islamic finance. It is supported by over 200 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 harmonisation of international Islamic finance practices.
During the transition period until the appointment of a new Secretary General, AAOIFI’s activities and operations will be overseen by Mr. Khairul Nizam, Deputy Secretary General, AAOIFI, in consultation with the Board of Trustees.