Daily Times

Islamic banks of Pakistan, hosted a gathering in the honour of H.E. Shaikh Ebrahim Bin Khalifa Al-Khalifa, Chairman Board of Trustees AAOIFI. The event highlighted the pivotal role of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards in shaping the future of Islamic finance.

The exclusive gathering included the AAOIFI team, Jameel Ahmad (Governor of the State Bank of Pakistan) along with other SBP officials, Justice (R) Mufti Muhammad Taqi Usmani, Mr. Irfan Siddiqui (Founding President & CEO of Meezan Bank), Mr. Yousaf Hussain (President & CEO of Faysal Bank), Mr. Akif Saeed (Chairman of the Securities and Exchange Commission of Pakistan), and other esteemed leaders, including top officials of Islamic banks.

Established in 1991 and based in Bahrain, AAOIFI is the leading international not-for-profit organization primarily responsible for developing and issuing standards for the global Islamic finance industry. To date, it has issued 100 standards in the areas of Shari’ah, Accounting, Auditing, Ethics, and Governance for international Islamic finance. Supported by numerous institutional members-including central banks, regulatory authorities, financial institutions, accounting and auditing firms, and legal firms from over 45 countries including Pakistan -AAOIFI’s standards are followed by leading Islamic financial institutions worldwide. These standards have significantly contributed to the harmonization of international Islamic finance practices.

This event was focused to on paving the way for building a more robust, ethical, and inclusive financial ecosystem that benefits all stakeholders, encourages partnerships and facilitates adherence to AAOIFI standards will be imperative.