The role of the Accounting and Audit-ing Organization for Islamic Financial Institutions (AAOIFI) in Instituting non-profit Islamic finance instruments

ياسر حسن العمري

doi:https://doi.org/10.54940/si26722746

Abstract

Amidst the urgent need to institutionalize and regulate non-profit Islamic finance instruments to ensure their effectiveness in supporting sustainable economic and social development, this study sheds light on the pivotal role of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in this field. It aims to elucidate the contributions of AAOIFI's Shariah, accounting, govern-ance, and auditing standards in institutionalizing and developing Zakat, Waqf, and Qard al-Hasan instruments. The study adopted a de-scriptive-analytical approach to data collection and analysis. The results indicate that AAOIFI standards provide a comprehensive framework for regulating the operations of these instruments in accordance with Shariah principles, ensuring accuracy in accounting processes, and establishing the foundations of sound governance and oversight. The study recommends enhancing the implementation of these standards through the inclusion of case studies and training programs, their formal adoption by regulatory authorities, and ex-panding their scope to cover additional relevant areas.

Corresponding Author

YASIR HASSAN ALAMRI

Assistant Professor، madeenah

About the Article

Article Type

Original Article

Language

Arabic

Receive Date

01 Apr 2024

Review Date

26 May 2024

Accept Date

28 May 2024

Open Access

Yes

DOI

https://doi.org/10.54940/si26722746

Copyright License

Keywords

Shariah standards financial accounting standards auditing and governance standards AAOIFI non-profit finance

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