AAOIFI

AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions; Arabic: هيئة المحاسبة والمراجعة للمؤسسات المالية الإسلامية) is the leading international standard-setting body for the Islamic finance industry, headquartered in Manama, Bahrain. Established in 1991, AAOIFI has issued 100+ standards across five categories: Shariah Standards (SS, governing contract permissibility and structure), Accounting Standards (AS/FAS, financial reporting), Auditing Standards (AUS), Governance Standards (GS), and Ethics Standards (ES). Its 59 Shariah Standards are the primary reference for Islamic contract structuring globally. Member institutions from 45+ countries adopt AAOIFI standards, with mandatory adoption in Bahrain, UAE, Jordan, Pakistan, Sudan, Qatar, and Saudi Arabia. Every IOF contract schema, rail definition, and compliance policy explicitly references the relevant AAOIFI standard. AAOIFI standards are co-referenced alongside IFSB prudential standards to ensure complete regulatory coverage for Islamic financial institutions.