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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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