Концептуальные основы финансовой отчетности исламских финансовых учреждений

About This Standard

This standard has been superseded and is no longer in effect. It has been replaced by FAS 28 "Murabaha and Other Deferred Payment Sales". Please refer to FAS 28 for the current requirements.

Objectives of AAOIFI are:

1. to develop accounting, auditing, and governance thoughts relevant to Islamic financial institutions and social finance structures (e.g., Waqf);
2. to disseminate accounting, auditing and governance thoughts relevant to Islamic financial institutions, and other relevant types of institutions, and their applications through workshops, training, seminars, publication of periodical newsletters, carrying out and commissioning of research, among others;
3. to develop, promulgate and interpret accounting, auditing and governance standards for Islamic financial institutions and other social finance structures; and
4. to review and amend accounting, auditing and governance standards for Islamic financial institutions and social finance structures, from time to time on a need basis.

AAOIFI carries out these objectives in accordance with the principals and rules of Islamic Shari’ah which represents a comprehensive system for all aspects of life, in conformity with the environment in which Islamic financial institutions and other types of institutions have developed.  This activity is intended both to enhance the confidence of users of the financial statements of Islamic financial institutions in the information that is produced about these institutions, and to encourage these users to invest or deposit their funds in Islamic financial institutions and to use their services.

Before the establishment of AAOIFI, intensive efforts were made on both administrative and technical levels beginning with the working paper that was presented by the Islamic Development Bank during the annual meeting of its board of governors in Istanbul in March 1987. Thereafter, a number of committees were formed to examine the appropriate methods of preparing accounting standards for Islamic financial institutions. These committees produced several research studies and reports.

Eventually, all these efforts culminated with the establishment of AAOIFI in 1991.

Organizational Structure

General Secretariat

The General Secretariat consists of the Secretary General and the technical and administrative departments. The Secretary General is the executive director of AAOIFI, responsible for coordination of the activities of General Assembly, the Board of Trustees, the AAOIFI Accounting Board, AAOIFI Governance and Ethics Board, AAOIFI Shari’ah Board, the Executive Committee and the boards’ subcommittees and acts as their rapporteur. The Secretary General runs the day-to-day affairs and activities of the organisation as well as coordinating and supervising the studies related to the preparation of statements, standards and guidelines (and other pronouncements) promulgated by AAOIFI. The responsibilities of the Secretary General also include strengthening ties between AAOIFI and other organizations and representing AAOIFI at conferences, seminars and scientific meetings.

Board of Trustees (BOT)

The Board of Trustees is composed of twenty members, in addition to the Secretary General, and is appointed by the General Assembly for a five-year term. Members of the Board of Trustees represent the following various categories: regulatory and supervisory bodies, Islamic financial institutions, Shari’ah Supervisory Boards, organizations and associations responsible for regulating the accounting profession and / or responsible for preparing accounting, auditing and governance standards, and users of the financial statements of Islamic financial institutions.

Executive Committee (Ex-Com)

The Executive Committee is composed of six members: the Chairman and one member from of the Board of Trustees, the Secretary General, the Chairman of the AAOIFI Accounting Board (AAB) and the Chairman of the AAOIFI Shari’ah Board (ASB) the Chairman of the AAOIFI Governance, auditing and ethics (AGEB). The Executive Committee has the power to discuss, among other things, the work plan, the annual budget, financial statements, and the report of the external auditor, and to recommend the same to the BOT for its approval and / or knowledge. The Executive Committee also has the power to approve the employment bylaws and financial regulations of AAOIFI. The Executive Committee meets at least three times at the request of the Secretary General or as and when required at the request of either its Chairman or the Secretary General.

General Assembly

The General Assembly is composed of all founding and associate members, members representing regulatory and supervisory authorities, observer members and supporting members. Observer and supporting members have the right to participate in the meetings of the General Assembly but without a right to vote. The General Assembly is the supreme authority and convenes at least once a year.

 AAOIFI Shari’ah Board (ASB)

The Shari’ah Board is composed of not more than twenty members to be appointed by the Board of Trustees for a four-year term from among Fiqh scholars

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