Islamic Finance - Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)11/11/2022 Islamic Finance - Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)
The governance standard of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) on the nomination of the Shari'ah board is crucial as it is directed at the appointing authorities, which might be the central bank and other organizations. "The Shari'ah monitoring board shall consist of at least three members," states Article 7 of the norm. The Shari'ah Supervisory Board may hire consultants with knowledge of the business, economy, law, accounting, and/or other fields. Directors of substantial shareholders of the Islamic financial institution should not be on the Shari'ah supervisory board. The removal of a member of the Shari'ah supervisory board necessitates a recommendation from the board of directors and requires the consent of the shareholders in a number of meetings, according to Article 8.
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