AAOIFI
Pronunciation: ah-OH-ih-fee
The primary international standard-setting body for Islamic finance.
Definition
Accounting and Auditing Organization for Islamic Financial Institutions. The primary international body that sets Shariah accounting, auditing, governance, and ethical standards for Islamic finance.
Founded in 1991 and headquartered in Bahrain, AAOIFI's standards are followed by institutions in over 45 countries. Its Shariah standards provide detailed guidance on permissible contract structures, investment screening, and financial reporting for Islamic financial products.
Related Terms
IFSB
Global standard-setter that sets prudential and supervisory standards for Islamic finance regulators.
Shariah Boardهيئة شرعية
A committee of qualified Islamic scholars that certifies the Shariah compliance of financial products.
Shariahشريعة
Islamic law derived from the Quran and Sunnah — the foundation of all Islamic financial principles.
Fatwaفتوى
A religious ruling on a specific matter issued by a qualified Islamic scholar.
Further Reading
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AAOIFI — The primary international standard-setting body for Islamic finance. Accounting and Auditing Organization for Islamic Financial Institutions. The primary international body that sets Shariah accounting, auditing, governance, and ethical standards for Islamic finance.
- The primary international standard-setting body for Islamic finance.
- Category: Governance
- Related: IFSB, Shariah Board, Shariah, Fatwa
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Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-07-01
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