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:
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.
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:
Both institutions based in Bahrain are the main umbrella bodies in the Islamic Banking fraternity globally.
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.
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.