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.