AAOIFI STRUCTURE

AAOIFI GENERAL ASSEMBLY

The General Assembly is composed of all founding, associate, supporting and observing members and regulatory
and supervisory authorities.

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 BOARD OF TRUSTEES

The Board of Trustees shall be composed of twenty part-time members to be appointed by the General
Assembly every five years and they shall continue in office until members of the succeeding Board are
appointed. The members of the Board of Trustees shall be elected from among the following categories,
taking into account their geographical distribution:

• Regulatory and supervisory authorities (central banks, monetary authorities, etc).

• Islamic financial institutions
• Accounting and auditing firms whose professional work relates to Islamic financial institutions.
• Shari'a Fiqh scholars
• Users of financial statements of Islamic financial institutions.

The conditions of electing these members are specified in Article 12 of AAOIFI Statute. They are that a
member shall be appointed to fill a vacant office by a majority of the votes of the General Assembly, and
shall belong to the same category of the member whose office has become vacant, and the term of office
of a member appointed to fill a vacancy shall terminate upon the expiry of the original term of the
member whose office had become vacant. The Board of Trustees meets at least once a year. With the
exception of the proposals to amend the statute of AAOIFI which requires the vote of three quarters of the
members of the Board of Trustees, decisions in all matters before the Board are adopted by the majority
of the members voting. In case of a tie, the Chairman shall have the casting vote. The powers of the
Board of Trustees include, among others, the following:

• Appointment of members of AAOIFI's Boards and termination of their membership, in accordance with
the provisions of the statute
• Arrangement of sources of finance for AAOIFI and investing those resources
• Appointment of two members from amongst the members of the Board of Trustees to the Executive
Committee
• Appointment of the Secretary-General

Notwithstanding the provisions of the statute concerning the Board of Trustees' powers and authorities,
neither the Board of Trustees nor any of its sub-committees including the Executive Committee, has the
right to interfere directly or indirectly in the work of the other Boards of AAOIFI or influence them in
any manner.

NAME POSITION STATUS

H.E Shaikh Ebrahim Bin Khalifa Minister of Housing, Kingdom of

Chairman
Al Khalifa Bahrain

Vice President (Finance), Islamic

Dr. Abdul Aziz Al Hinai Member
Development Bank
 H. E. Shaikh Saleh Abdullah President, Dallah Al Baraka Group,
Member
Kamel Jeddah, KSA
H. E. Shaikh Abdullah Sulaiman Chief Executive Officer, Al Rajhi
Member
Al Rajhi Bank, KSA
H. E. Mr. Mohamed Sulaiman Al Chief Executive, Kuwait Finance
Member
Omar House, Kuwait
Founder, Al-Bukhary Foundation,
Tan Sri Syed Mokhtar Al
Islamic Arts Museum, Member
Bukhary
Malaysia
Governorm Stat Bank of Pakistan,
H. E. Sayed Salim Raza Member
Karachi, Pakistan
Deputy Governor, Central Bank of
H. E. Mohammed Ali Bin Zayed
United Arab Emirates, Abu Dhabi, Member
Al Falasi
UAE

Professor Sheikh Dr. Mohamed Professor, Shari’a College,

Member
Saeed Ramadan Al Booti University of Damascus, Syria

Deputy Chairman of Board of

Trustees,
Sheikh Adnan Al Qattan Member
Royal Charity Foundation,
Kingdom of Bahrain
President & Chief Executive
Mr. Irfan Siddiqui Oficer, Meezan Bank Ltd, Karachi, Member
Pakistan
Managing Director, Shiekan
Mr.Osman Elhadi Ibrahem Insurance & Reinsurance CO. Member
LTD, Khartoum, Sudan
Head of Islamic Banking
Mr Abdulrazzak Mohammed
Development Group, National Member
Elkhraijy
Commercial Bank, Jeddah, KSA

Chief Financial Officer, Emirates

Mr. Ahmed Fayez Al Shamsi Member
Islamic Bank, UAE

Mr. Farid Mansour Mansour & Co. Member

PricewaterhouseCoopers, Cairo,
 Egypt
Managing Partner of Ernst &
Young’s Assurance and Advisory
Mr. Noor ur Rahman Abid Member
Business Service (AABS)
Manama. Kingdom of Bahrain
Secretary General, Saudi
Dr Ahmed Bin Abdulla Al- Organisation for Certified Public,
Member
Moghames Accountants (SOCPA), Riyadh,
KSA

Member/
Dr. Mohamed Nedal Alchaar AAOIFI’s Secretary General
Rapparteur

Accounting and Auditing Standards Board (AASB)

The Standards Board is composed of twenty part-time members who are appointed by the Board of
Trustees for a five-year term. Members of the Standards Board represent the following various categories:
regulatory and supervisory bodies, Islamic financial institutions, Shari’a supervisory boards, university
professors, organizations and associations responsible for regulating the accounting profession and/ or
responsible for preparing accounting and auditing standards, certified accountants, and users of the
financial statements of Islamic financial institutions.

The powers of the Standards Board include, among others, the following:

(1) To prepare, adopt and interpret accounting and auditing statements, standards and guidelines for
Islamic financial institutions.
(2) To prepare and adopt code of ethics and educational standards related to the activities of Islamic
financial institutions.
(3) To review with the aim of making additions, deletions or amendments to any accounting and auditing
statements, standards and guidelines.
(4) To prepare and adopt the due process for the preparation of standards, as well as regulations and by-
laws of the Standards Board.
The Standards Board meets at least twice every year and its resolutions are adopted by the majority of the
votes of the members voting. In case of a tie, the chairman of the Standards Board shall have the casting
vote.

NAME POSITION STATUS

 Chairman of
Assistant General Manager, Kuwait Accounting and
Mr. Muhammad Said Abdulwahab
Finance House, Kuwait. Auditing Standards
Board

Vice Chairman of
Mr. Hamad Abdulla Eqab Senior Vice President, Head of
Accounting and
Financial Control, Albaraka Banking
Auditing Standards
Group, Bahrain.
Board

Chairman of
Accounting
Mr. Fawad Laique Partner, Ernst & Young, Bahrain
Standards
Committee

Chairman of
Head, Central Accounting Section, Auditing and
Mr. Jamil Darras Finance Department, Islamic Governance
Development Bank, Saudi Arabia Standards
Committee

Shari’a Consultant, Dallah Al Baraka

Sh Dr. Abdul Sattar Abu Ghudah Member
Group, Saudi Arabia.

Sh. Essam Mohammed Al Sheikh Shari’a Advisor & Board Member,

Member
Ishaq Discover Islam Centre, Bahrain

Executive Director, Malaysian

Dr. Nordin Mohammed Zain Accounting Standards Board, Member
Malaysia

Head of Studies & Analysis Division,

Accounting Department, Banque du
Mr. Firas Sadek Hamdan Member
Liban (Central Bank of Lebanon),
Lebanon
 Managing Director, Supervision,
Mr. Michael J Zamorski Dubai Financial Services Authority, Member
United Arab Emirates

Assistant General Manager, Jordan

Dr. Hussein Said Saifan Member
Islamic Bank, Jordan

Partner,Global Islamic Finance

Mr. M. Faiz Azmi Leader, PricewaterhouseCoopers, Member
Malaysia

Mr. Murtada Khidr Mohamed General Manager, Financial Group,

Member
Abuzaid Qatar Islamic Bank, Qatar.

Assistant General Manager – Finance,

Mr. Prakash Pathmanathan Member
Shamil Bank, Bahrain

Managing Partner, Agha & Shamsi,

Mr . Oliver Ali Agha Member
L.L.C, UAE

Mr. Jalil Al A'Ali Partner, KPMG Fakhro, Bahrain Member

 Member &
Dr. Mohamad Nedal Alchaar Secretary General, AAOIFI
Rapporteur

Accounting Standards Committee

NAME POSITION STATUS

Mr. Fawad Laique Partner, Ernst & Young, Bahrain Chairman
Partner, Deloitte, Malaysia / Audit Senior
Dr. Nordin Mohd Zain / Mr. Aly El Azhary Member
Director, Deloitte, Saudi Arabia
Head of Studies & Analysis Division,
Mr. Firas S Hamdan Accounting Department, Banque du Liban Member
(Central Bank of Lebanon), Lebanon
General Manager, Financial Group, Qatar
Mr. Murtada Khidr Mohamed Abuzaid Member
Islamic Bank, Qatar
Chief Executive, Kuwait Finance House,
H. E. Mr. Mohamed Sulaiman Al Omar Member
Kuwait
Vice Chairman & Chief Executive Officer,
Mr. Issam Z Al-Tawari Member
Rasameel Structured Finance Co., Kuwait
Secretary-General, Accounting and Auditing
Dr. Mohamad Nedal Alchaar Rapporteur
Organization for Islamic Financial Institutions

Auditing and Governance Standards Committee

NAME POSITION STATUS

Head, Central Accounting Section, Finance
Mr. Jamil Darras Department, Islamic Development Bank, Chairman
Saudi Arabia.
 Shari’a Consultant, Dallah Al Baraka Group,
Sheikh Dr. Abdul Sattar Abu Ghudah Member
Saudi Arabia

Shari’a Advisor & Board Member, Discover

Sheikh Essam Mohammed Ishaq Member
Islam Centre, Bahrain
Managing Director, Supervision, Dubai
Mr. Michael Zamorski Financial Services Authority, United Arab Member
Emirates
Assistant General Manager, Jordan Islamic
Dr. Hussein Said Saifan Member
Bank, Jordan

Partner / Global Islamic Finance Leader,

Mr. M Faiz Azmi Member
PricewaterhouseCoopers, Malaysia

Partner, Clifford Chance LLP, Dubai, United

Mr. Qudeer Latif Member
Arab Emirates.

Secretary-General, Accounting and Auditing

Dr. Mohamad Nedal Alchaar Organization for Islamic Financial Member
Institutions
AAOIFI SHARI'A BOARD

The Shari’a Board is composed of not more than twenty members to be appointed by the Board of Trustees for a four-ye
term from among fiqh scholars who represent Shari’a supervisory boards in the Islamic financial institutions that are
members of AAOIFI, and Shari’a supervisory boards in central banks.

The powers of the Shari’a Board include, among others, the following:

(1) Achieving harmonization and convergence in the concepts and application among the Shari’a supervisory boards of
Islamic financial institutions to avoid contradiction or inconsistency between the fatwas and applications by these
institutions, thereby providing a pro-active role for the Shari’a supervisory boards of Islamic financial institutions and
central banks.

(2) Helping in the development of Shari’a approved instruments, thereby enabling Islamic financial institutions to cope wi
the developments taking place in instruments and formulas in fields of finance, investment and other banking services.

(3) Examining any inquiries referred to the Shari’a Board from Islamic financial institutions or from their Shari’a
supervisory boards, either to give the Shari’a opinion in matters requiring collective Ijtihad (reasoning), or to settle
divergent points of view, or to act as an arbitrator.

(4) Reviewing the standards which AAOIFI issues in accounting, auditing and code of ethics and related statements
throughout the various stages of the due process, to ensure that these issues are in compliance with the rules and principles
of Islamic Shari’a
NAME POSITION STATUS

Vice-President Darul-Uloom Karachi,

Shaikh Muhammad Taqi Usmani Chairman
Permanent Member OIC Fiqh Academy

Shaikh Abdulla Bin Sulaiman Al Manea

Former Judge, Court of Cassation, Saudi
Deputy Chairman
Arabia

Professor, College of Law, University of

Shaikh Al Siddiq Mohamed Al Darir Member
Khartoum, Sudan
 Member, Shari’a Supervisory Board,
Mr. Jamil Darras Member
Kuwait Finance House, Kuwait

General Secretary, International Council

Shaikh Mohamad Ali Al Taskhiri for the Harmonisation of Islamic Schools Member
of Thoughts, Iran

Shaikh Dr. Abdel Sattar Abdel Karim Shari’a Consultant, Dallah Al Baraka
Member
Abu-Ghuddah Group, Saudi Arabia

Member of the Shari'a Board, Bahrain

Shaikh Nizam Yaquby Member
Islamic Bank

Secretary General, The Higher Council of

Shaikh Ahmad Ali Abdulla Member
the Shari’a Supervisory Board, Sudan

Member, Shari’a Advisory Council,

Shaikh Dr. Mohd Daud Bakar Member
Securities Commission, Malaysia

Member, Shari'a Supervisory Board, Dubai

Shaikh Dr. Hussein Hamid Hassan Member
Islamic Bank, UAE
 Shaikh Dr. Ali Mohi Eldinne Head of Islamic Jurisprudence
Member
Alqoradaghi Department, Qatar University, Qatar

Member of Shari'a Supervisory Board,

Shaikh Dr. Mohamed Ali Al Qari Member
Bank Al Jazira, Saudi Arabia

Chief Shari'a Officer, Shariah Capital Inc.,

Shaikh Yusuf Talal De Lorenzo Member
USA

Member, Shari'a Supervision/ Director,

Shaikh Esam 'Anezi Member
Investment Dar, Kuwait

Shaikh Dr Mohammad Abdul Rahim

Member, Shari'a Supervision/ Director,
Sultan Member
Investment Dar, Kuwait
Al Olamaa

Shari'a Advisor, Islamic Development

Sheikh Ayashi Faddad Member
Bank

GM of Shariah Group, Al Rajhi Bank,

Shaikh Dr. Saleh Abdullah Al-Lihaidan Member
KSA

Secretary-General, Accounting and

Member/
Dr. Mohamed Nedal Alchaar Auditing Organization for Islamic
Rapparteur
Financial Institutions
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