Karachi—Dr. Hamed Merah, Secretary General Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Bahrain while elaborating the role of AAOIFI in promotion of Islamic finance and banking as a standard setting global body said that the formation of AAOIFI as a great achievement of the Islamic finance world.
Speaking at the Center for Excellence in Islamic Finance (CEIF) Institute of Business Administration Karachi which organized a Distinguished Leadership Dialogue with Dr. Hamed Merah, Secretary General of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Hamed said that more than 150 institutions across 32 destination have supported and agreed upon following the standards laid by the organization. He also elaborated that AAOIFI has issued detailed Shariah, Islamic Accounting, Governance and Ethics standards. The session was inaugurated by Ahmed Ali Siddiqui, Director CIEF by introducing CIEF as the platform for the promotion of Islamic Finance Industry and highlighted the importance of AAOIFI role for promotion of Islamic finance across the globe.
While briefing about the procedure of development of the standards he termed it as an extensive one, based on detailed research and evaluation by Shariah & industry experts. After the development the standard is put forward for exposure and the public response over it. The aim of these standards are to facilitate, rather than restrict innovation and new ideas in the industry.