Glossary
AAOIFI
Definition
Accounting and Auditing Organization for Islamic Financial Institutions — issuer of the global shariah, accounting, and governance standards used across Islamic finance.
Headquartered in Bahrain, AAOIFI publishes over 100 standards. Its Shariah Standards (chaired by Mufti Taqi Usmani) are the de facto reference for Islamic banks, sukuk issuers, and shariah audit firms.
Standards are non-binding internationally but are adopted as law in Bahrain, Oman, Pakistan, Sudan, Syria, and parts of the UAE — and are followed by all major global Islamic banks.