Accounting and Auditing Organization for Islamic Financial Institutions

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The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a prominent international non-profit organization that sets accounting, auditing, governance, ethics, and Sharia standards for the Islamic finance industry. Established in 1991, AAOIFI has become a key player in promoting best practices and harmonizing regulations in Islamic finance. The organization's vision is to enhance the stability and soundness of the Islamic financial industry globally through the development and adoption of Sharia-compliant standards. AAOIFI's mission is to develop accounting and auditing standards that meet the specific requirements of Islamic financial institutions and contribute to the overall growth and credibility of the industry. With a strong focus on transparency and governance, AAOIFI aims to ensure that Islamic financial products and services adhere to the principles of Islamic law while maintaining high ethical standards.