The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) was founded in 1991. It operates from Bahrain as a not-for-profit serving the international Islamic financial community, through developing globally recognised standards.
Seven primary objectives of AAOIFI are listed on their website, which ultimately create an environment in which Islamic Finance solutions can be designed, tested and introduced to regional markets, taking into account local governing financial regulations (such as the FCA in the UK).
AAOIFI has a wider remit to educate people across touch-point industries about the role of Islamic Finance in the world today, as a Halal alternative to conventional interest bearing financial products and services. For help on finding the right Islamic Finance solution, you can visit Services.
So what makes finance Halal for Muslim and non-Muslim people to access in the UK? AAOIFI’s website is comprehensively detailed and sufficiently so for anyone interested to grasp the all the underpinnings of Islamic Finance from a commercial perspective.
However, if you really want to understand this subject in its entirety or wish to work towards becoming a Certified Shar’iah Auditor and Advisor (CSAA), simply download the 1,200+ page Shari’ah Standards full text on Islamic Finance. Don’t forget CISI also offer a simpler Islamic Finance qualification if you’re just starting out in the industry, which you can find out more about in Learning.
Alternatively, if you just want to know about the overarching principles of Islamic Finance, please visit Library for a glossary and guide published by CIMA. This is especially useful if you intend to or are in the process of accessing an Islamic Finance product or service.