Standardisation of practices critical to growth of Islamic Finance

GulfNews: With Islamic finance gaining ground globally, the need for international standards has gained importance. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is in the forefront of these effort.

The Islamic international autonomous not-for-profit corporate body prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry.

In a recent interview with Gulf News, Dr Mohammad Nedal Al Chaar, Secretary-General of the AAOIFI, talked of the AAOIFI's role in development of standards for the international Islamic finance industry...continue