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June 14, 2010

Islamic group and E&Y sign co-op agreement

The Accounting and Auditing Organization for
Islamic Financial Institutions (AAOIFI) has signed an exclusive
co-operation agreement with Ernst & Young (E&Y).

AAOIFI secretary general Mohamad Nedal Alchaar
said the organisation plans to use the agreement with E&Y to
help expand its contract certification service on an international
scale.

AAOIFI is a leading authority on contract
certification for ensuring compliance with Islamic Shari’a
principles, Alchaar said.

Under the agreement, Ernst & Young will
offer contract certification to clients and investors as a new
service.

Ernst & Young Middle East assurance
managing partner Noor Abid said the co-operation between the two
organisations will help provide Islamic services to E&Y clients
around the world, which will lead to further development, growth
and expansion of the Islamic financial industry.

AAOIFI is an international autonomous
not-for-profit organisation whose role is to develop accounting,
auditing, ethics, governance and Shari’a standards for Islamic
financial institutions.

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