First Community Bank is a full member of a number of important financial organizations including the following:
A. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
AAOIFI is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’ah standards for Islamic financial institutions and the industry. As an independent international organization, AAOIFI is supported by 160 institutional members from 41 countries including central banks, Islamic financial institutions and other participants from the international Islamic banking and finance industry globally. AAOIFI was established by Islamic financial institutions on 27th March, 1991 in the State of Bahrain. The objectives of AAOIFI are:
• To develop and disseminate accounting and auditing thoughts relevant to Islamic financial institutions
• To prepare, promulgate and interpret accounting and auditing standards for Islamic financial institutions
• To review and amend accounting and auditing standards for Islamic financial institutions
AAOIFI has gained assuring support for the implementation of its standards which have been adopted by Islamic institutions worldwide. Several regulatory authorities have issued guidelines that are based on AAOIFI’s standards and pronouncements.
B. The General Council for Islamic Banks and Financial Institutions (CIBAFI)
Created by the Islamic Development Bank, AAOIFI, several Islamic Central & Commercial banks and other Islamic Institutions. Currently, it has the largest concentration of Islamic financial institutions. First Community Bank is the latest member, joining a membership of 87. CIBAFI supports and promotes the development of Islamic Financial services globally.
The activities of CIBAFI are centred on three major areas namely:
- Media and awareness
- Information and research,
- Policies and strategic planning.
Both institutions based in Bahrain are the main umbrella bodies in the Islamic Banking fraternity globally.
C. Kenya Institute of Management – KIM
We are corporate members of KIM, which is one of only four private national management development institutions in Sub-Saharan Africa. KIM operates with the aim of enhancing management knowledge and practice in both the public and private sector.
D. Kenya Bankers Association – KBA
KBA is a reputed professional institution of the Association of Banks and Financial Institutions in Kenya. Its membership profile includes banks and other corporate financial institutions. It serves as a lobby for the banking sector's interests.