AAOIFI

What AAOIFI does

AAOIFI is a Bahrain-headquartered non-profit international standards-setting organization founded in 1991 to develop and issue accounting, auditing, governance, ethics, and Shari'ah standards for the global Islamic financial services industry. It serves central banks, regulatory authorities, Islamic financial institutions (IFIs), accounting and auditing firms, legal firms, and academic institutions, with 187+ active institutional members across 45+ countries and 47 regulatory authorities in 42 countries formally adopting its standards. Its work is produced through technical and Shari'ah committees and is the de facto reference framework for Islamic finance supervision outside the few jurisdictions that maintain fully national standards regimes.

Its core product is a curated body of 131 standards and technical pronouncements covering Financial Accounting Standards (FAS), Shari'ah Standards, Auditing and Assurance Board (AAB) pronouncements, governance, ethics, and codes of conduct. These are delivered via e-standards digital platforms, professional certification programs (CIPA, CSAA, CPSS, CPFAS, CSE), paid training workshops, and print and digital publications. Recent issuance has extended into digital-asset treatment under FAS 54, IFRS 18 alignment for FAS 1, and Shari'ah Standard 55, signaling active coverage expansion.

Revenue is generated through institutional membership fees, professional certification fees (e.g., CPSS at $750), training workshops priced between $450 and $1,450, publication and e-standards sales, and conference/event sponsorships. Pricing is differentiated across member tiers, with subsidized rates offered for developing markets. The organization is governed by a General Assembly of institutional members, a Board of Trustees, and technical/Shari'ah committees, and it maintains formal partnerships with development institutions including IsDB and the World Bank to advance adoption.

Name

AAOIFI

Legal name

Accounting and Auditing Organization for Islamic Financial Institutions

Website

http://aaoifi.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

AAOIFI is a non-profit organization that issues standards for the global Islamic finance industry.

Ownership category

akta.pro rank

Product category

Islamic Finance Standards

NAICS

Offices of Certified Public Accountants (541211)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

akta.pro secondary industries

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Finance, Accounting & Risk (CFA/CPA/FRM) Certifications (EDAAANAD)

Keywords

• Islamic finance standards
• Shari'ah compliance
• Financial accounting standards
• Islamic banking certification
• Professional certification programs

Headquarters

HQ city

Karbabad

HQ country

Bahrain

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Institutional Membership Fees: AAOIFI is supported by over 187 active institutional members including central banks, regulatory authorities, financial institutions, accounting firms, and legal firms. Members pay fees for institutional membership.
2. Professional Certification Programs: Revenue from certification programs including CIPA, CSAA, CPSS, and related examination fees. Fees range from USD 200-1450 per program or course.
3. Professional Workshops and Training: Online and in-person professional workshops conducted by AAOIFI Master Trainers. Workshop fees range from USD 450-1450 per participant.
4. Standards Publications: Sale of hard copy standards and electronic standards subscriptions through the AAOIFI e-standards platform.
5. Fellowship Fees: Annual fellowship fees of USD 100 for AAOIFI fellows, with 30% discount for those holding both CIPA and CSAA qualifications.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

AAOIFI is an international not-for-profit organization that develops and issues standards for the global Islamic finance industry. Its portfolio comprises Shari'ah Standards, Financial Accounting Standards (FAS), Auditing Standards, Governance Standards, and a Code of Ethics, supplemented by professional certification programs (CIPA, CSAA, CPSS, CPFAS, CSE), the JOIFA academic journal, online professional workshops, and an electronic standards subscription platform.

Product overview

AAOIFI is an international not-for-profit organization that develops and issues standards for the global Islamic finance industry. The organization's portfolio consists of five core standard products: Shari'ah Standards (governing compliance with Islamic law), Financial Accounting Standards (FAS), Auditing Standards, Governance Standards, and a Code of Ethics. Supporting the standards are professional certification programs including CIPA (Certified Islamic Professional Accountant), CSAA (Certified Shari'ah Advisor and Auditor), CPSS (Certificate of Proficiency in Shari'ah Standards), and CPFAS (Certificate of Proficiency in Financial Accounting Standards), along with the JOIFA academic journal and online professional workshops led by master trainers. The organization also offers an e-standards digital subscription service providing electronic access to all published standards.

Differentiator

Problem solved

Functional benefit

Brands

• CIPA: Certified Islamic Professional Accountant certification program
• CSAA
• CSE
• CPSS
• CPFAS
• JOIFA

Products and services

• AAOIFI Shari'ah Standards Comprehensive set of standards governing Shari'ah compliance for Islamic financial institutions, covering Islamic finance contracts, Islamic banking, Islamic financial markets, and Islamic insurance/Takaful.
• AAOIFI Financial Accounting Standards (FAS) Accounting standards for Islamic financial institutions covering financial reporting, recognition, measurement, and disclosure requirements specific to Islamic finance transactions and instruments.
• AAOIFI Governance Standards Standards establishing governance frameworks for Islamic financial institutions, including board composition, oversight responsibilities, and risk management requirements.
• AAOIFI Auditing Standards Standards for auditing Islamic financial institutions, providing guidance on audit procedures, independence requirements, and reporting standards.
• AAOIFI Code of Ethics Ethical standards for Islamic finance professionals outlining conduct requirements, professional responsibilities, and integrity principles.
• CIPA - Certified Islamic Professional Accountant Professional certification program for accountants in Islamic finance, testing knowledge of AAOIFI Financial Accounting Standards and Islamic finance accounting principles.
• CSAA - Certified Shari'ah Advisor and Auditor Professional certification for Shari'ah advisors and auditors in Islamic finance, covering AAOIFI Shari'ah standards, governance requirements, and audit procedures.
• CPSS - Certificate of Proficiency in Shari'ah Standards Advanced certificate program for Islamic finance professionals focusing on correct understanding, interpretation, and implementation of AAOIFI Shari'ah standards. Includes 60 standards classified across five parts.
• CPFAS - Certificate of Proficiency in Financial Accounting Standards Certificate program testing proficiency in AAOIFI Financial Accounting Standards for Islamic finance professionals.
• CSE - Certified Shari'ah Expert Professional certification covering Islamic finance knowledge including IFSD (Islamic Financial Services Development), ATS (Accounting Technical Standards), SS (Shari'ah Standards), and BRE (Business Regulations and Ethics) modules.
• JOIFA - Journal of Islamic Finance Accountancy Half-yearly double-blind peer-reviewed journal publishing original empirical research papers, conference reports, developments in Islamic accounting, auditing, Sharia governance, and book reviews.
• AAOIFI Online Professional Workshops Online technical workshops for Islamic finance professionals covering AAOIFI standards implementation, product structuring, Shari'ah auditing, and treasury functions. Workshops led by technical board members and master trainers.
• AAOIFI-E Standards Electronic subscription service providing access to all AAOIFI standards including Shari'ah, accounting, auditing, governance, and ethics standards in digital format.
• AAOIFI Master Trainer Program Recognition program for Islamic finance professionals who demonstrate extensive expertise in AAOIFI standards. Requirements include postgraduate degree, 10+ years experience with 5+ in specialized roles, and standards development involvement.
• AAOIFI Associate Trainer Program Entry-level recognition program for trainers in Islamic finance. Requirements include postgraduate degree, 5+ years experience with 3+ in specialized roles, and CIPA/CSAA fellowship or equivalent certification.

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and regional.

• Islamic Development Bank (IsDB)coreStrategic or Co-development PartnerAAOIFI and IsDB co-organize the annual AAOIFI-IsDB Islamic Banking and Finance Conference. The partnership has produced 20 annual conferences (as of 2025) serving as major industry events for the Islamic finance community, combining AAOIFI's standards expertise with IsDB's development mandate.
• World BankcoreStrategic or Co-development PartnerAAOIFI and World Bank co-organize the annual AAOIFI-World Bank Islamic Banking and Finance Conference. Multiple editions have been held since 2015 (14th edition mentioned), serving as platforms for knowledge sharing between AAOIFI standards and global development finance perspectives.
• Ministry of Economy of TatarstanregionalStrategic or Co-development PartnerPartnership with the Ministry of Economy of Tatarstan (Republic of Tatarstan, Russia) to co-organize the Second International Crowdfunding Conference in Kazan, supporting the development of Islamic finance in the region.
• Central Bank of UzbekistanregionalOthersCentral Bank of Uzbekistan joined AAOIFI as a regulatory member to strengthen Islamic finance development in Uzbekistan. The membership supports AAOIFI's mission to promote standardized Islamic finance practices globally.
• Securities and Exchange Commission of Pakistan (SECP)regionalStrategic or Co-development PartnerSECP partnered with AAOIFI for the inaugural International Conference on Islamic Capital Markets in Islamabad (May 2023), demonstrating regulatory collaboration for Islamic capital markets development.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Islamic Financial Services Board (IFSB): Malaysia-based international standard-setter that issues prudential and regulatory standards for Islamic financial institutions. IFSB is AAOIFI's closest peer as both serve as multilateral standard-setting bodies for Islamic finance, with AAOIFI focused on accounting/Shari'ah/governance and IFSB on prudential regulation.
• International Islamic Financial Market (IIFM): Bahrain-based industry body that develops and promotes standardized documentation for Islamic capital market and money market instruments. IIFM complements AAOIFI by providing product-level standardization for sukuk and Islamic hedging instruments.

Emerging players

• International Islamic Rating Agency (IIRA): Bahrain-based rating agency that applies AAOIFI Shari'ah standards in its rating methodology for Islamic financial institutions. IIRA consumes AAOIFI standards as foundational inputs, making it a downstream ecosystem participant rather than direct competitor.
• Chartered Institute of Islamic Finance Professionals (CIIF): UK-headquartered professional body developing Chartered Islamic Finance Professional (CIFP) credentials. CIIF represents a Western-anchored alternative to AAOIFI's CIPA/CSAA certifications, targeting internationally mobile practitioners.

Regional players

• Saudi Organization for Chartered and Professional Accountants (SOCPA): Saudi Arabia's national accounting and auditing standards body. SOCPA represents the principal national alternative to AAOIFI's Financial Accounting Standards in the largest GCC Islamic finance market, with potential to fragment adoption.
• Malaysia Accounting Standards Board (MASB): Malaysia's national accounting standards setter that issues Financial Reporting Standards and Shari'ah-aligned interpretations. MASB is a key potential competitor in Southeast Asian Islamic finance jurisdictions where Malaysia-based institutions may prefer local standards.
• Centre for Islamic Banking, Finance and Management (CIBFM): Brunei-based training and research center focused on developing Islamic finance human capital in the ASEAN region. CIBFM offers competing Islamic finance certification programs and conducts capacity building that overlaps with AAOIFI workshops.

Broad incumbents

• INCEIF University (ISRA): Malaysia-based global university dedicated to Islamic finance education and research. INCEIF competes with AAOIFI's certification programs (CIPA, CSAA, CPSS) in the practitioner education segment while also consuming AAOIFI standards in its curriculum.
• Bahrain Institute of Banking and Finance (BIBF): Bahrain-based training provider and registered AAOIFI training/examination center that offers Islamic finance certifications and capacity-building programs. BIBF is both a channel partner and a partial competitor in the Islamic finance training market.
• IFRS Foundation (IASB): Global accounting standard-setter whose IFRS standards increasingly shape Islamic finance reporting, particularly through AAOIFI's own FAS 1 alignment with IFRS 18. IASB is the most consequential indirect peer whose convergence trajectory directly affects AAOIFI's relevance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AAOIFI_ORG
• Facebookfacebook.com/AAOIFI
• LinkedInlinkedin.com/company/accounting-and-auditing-organization-for-islamic-financial-institutions-aaoifi-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AAOIFI