The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has admitted the Saudi Arabia Monetary Agency (SAMA), the central bank of
KSA, as a new institutional member of AAOIFI. Institutional members include central banks and regulatory
and supervisory authorities in areas of capital markets, insurance, and
financing, from around the world.
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| Source: AAOIFI. An official signing ceremony was held at SAMA headquarters on 22 October 2017, during which the agreement was signed by HE Dr Ahmed Abdul Karim Al-Khulaifi, SAMA’s Governor (left), and HE Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees (right). |
“Having SAMA as a new member represents a quantum addition to
AAOIFI’s membership base, thanks to the pivotal role of Saudi Arabia at
all levels. We, at AAOIFI, are particularly keen to extend the reach and
application of AAOIFI’s standards, both shari’ah standards and
technical standards in areas of accounting, auditing, governance, and
ethics, towards higher levels of harmonisation and standardisation for
Islamic finance contracts, products and practices at a global level, in
such a way to enhance the industry’s transparency, professionalism and credibility,” said HE Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman, AAOIFI Board of Trustees.
Dr Al-Khulaifi, SAMA’s
Governor said, “The ties between AAOIFI and both SAMA and the Institute of
Finance have recently been calumniated with multiple technical and
professional activities and events, which will help integrate SAMA’s
activities with those of international institutions and contribute
towards emphasising the effective and efficient role played by Saudi
Arabia’s banking sector, locally and globally.”