Established in 1991 and based in Bahrain, AAOIFI is a leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.
AAOIFI, within the Islamic Shari’ah rules and principles, has the following objectives:
1. To develop accounting, auditing, governance and ethics relating to the activities of Islamic financial institutions taking into consideration the international standards and practices which comply with Islamic Shari’ah rules;
2. To disseminate the accounting, auditing, governance and ethics relating to the activities of Islamic financial institutions and its application through training seminars, publication of periodical newsletters, preparation of reports, research and through other means.
3. (A) Harmonize the accounting policies and procedures adopted by Islamic financial institutions through the preparation and issuance of accounting standards and the interpretations of the same to the said institutions.
INCEIF was founded by Bank Negara Malaysia. It is a leading global university for Islamic finance with AACSB accreditation, making it a truly world class university for postgraduate Islamic finance programmes. With this accreditation, INCEIF joins the top five per cent of business schools in the world. INCEIF provides rigorous academic programs such as Masters in Islamic Finance Practice (MIFP), MSc in Islamic Finance and PhD in Islamic Finance, at the frontier of research, giving you the opportunity to develop advanced analytical and technical skills that are highly sought after by global employers.
The Centre for Excellence in Islamic Finance (CEIF) has been established at IBA with the objective of providing a platform for discovery, enhancement and dissemination of knowledge in the field of Islamic Finance. It aims to be a world class Centre which, through education and research, carries on IBA's legacy of thought leadership in the Islamic Finance industry.
Board of Management, CEIF:
• Dr. Ishrat Husain, Chairman CEIF
• Dr. Syed Akbar Zaidi , Vice Chairman CEIF & Executive Director IBA Karachi
• Mr. Irfan Siddiqui, CEO Meezan Bank Ltd.
• Syed Amir Ali, CEO BankIslami Ltd.
• Mr. Ahmed Shuja Kidwai, CEO Al Baraka Bank Ltd.
• Mr. Junaid Ahmed, CEO Dubai Islamic Bank
• Dr. Imran Usmani, Vice Chairman Shari'ah Board , Meezan Bank Ltd.
• Mr. Samar Hasnain, Executive Director, Development Finance Group, SBP
• Mr. Ahmed Ali Siddiqui, Founding Director of CEIF
• Mr Yousaf Hussain, President & CEO Faysal Bank Limited
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî'ah principles, and recommend them for adoption. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors. As at December 2019, the 184 members of the IFSB comprise 78 regulatory and supervisory authorities, 9 international inter-governmental organisations, and 97 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 57 jurisdictions. Malaysia, the host country of the IFSB, has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organisations and diplomatic missions.
