Role of AAOIFI’s Standards in the Harmonization of Islamic Banking

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Abstract

(Hiyat al-Mashabisa wa al-Marijat for Islamic Financial Institutions) Ayofi, whose previous name was "Hiyat al-Mahasibata al-Maliyyah for Islamic Financial Institutions". Bahrain is a famous international organization that guides Islamic financial institutions. This organization was established on February 26/1991. The aspiration of Aofi is to develop the idea of ??Islamic financial institutions' examination, evaluation and audit and to disseminate this idea with various resources, for example: training visits, organizing various meetings and preparing and organizing research lectures, etc. Apart from other services, the most important service of this organization is that it has issued 100 standards so far in the fields of accounting, auditing, business ethics and governance. AAOIFI standards have provided a high degree of uniformity and harmonization for Islamic financial practices worldwide. Aaoifi's standards have been adopted by central banks and financial institutions of various countries. These include central bank regulatory authorities, financial institutions, accounting and auditing companies, and legal authorities in more than 45 countries. AAOIFI standards are actually the most important Shariah rules and guidelines for Islamic banks today. Since these standards have been developed under the supervision of scholars and researchers from many countries, most of whom are also representing Islamic banks, and 90 percent of banks and Islamic financial institutions around the world have adopted these standards. Therefore, among other effects, the most important and fundamental effect of these standards is that due to this, harmony and uniformity have been created among the Islamic banks of different countries, which is very necessary.

Keywords: AAOIFI, Shariah Standards, Harmonization, Fundamental, Financial Institutions, Islamic Banking, Different Countries.