THE ARAB MONETARY FUND AND THE ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS (AAOIFI) SIGN A MEMORANDUM OF UNDERSTANDING TO UNIFY THEIR EFFORTS TO DEVELOP THE ISLAMIC FINANCE INDUSTRY IN THE ARAB COUNTRIES

by **claud39** on Thu Jan 07, 2021 12:49 pm

THE ARAB MONETARY FUND AND THE ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS (AAOIFI) SIGN A MEMORANDUM OF UNDERSTANDING TO UNIFY THEIR EFFORTS TO DEVELOP THE ISLAMIC FINANCE INDUSTRY IN THE ARAB COUNTRIES

2021-01-06

The Arab Monetary Fund and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) sign a memorandum of understanding to unify their efforts to develop the Islamic finance industry in the Arab countries

Wednesday 6 January 2021

On Wednesday, January 6, 2021, the Memorandum of Understanding was signed between the Arab Monetary Fund and the Accounting and Auditing Authority for Islamic Financial Institutions (AAOIFI). The MoU aims to build a comprehensive framework for cooperation between the two institutions in terms of partnership in providing technical advice services and capacity building in the Arab region in the fields of Enhancing awareness of standards that have relevance or impact on the regulation and supervision of Islamic financial institutions, as well as other issues of common interest between the two institutions .

The agreement was signed on the side of the fund by His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi , Director General and Chairman of the Board of Directors of the Arab Monetary Fund, and on the part of the Authority, Mr. Omar Mustafa Ansari , Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions.

The signing of the memorandum will help facilitate cooperation between the two institutions for the joint regulation of technical activities related to prudential, Sharia, accounting and governance standards, as well as to raise awareness on emerging issues in the Islamic financial services industry. The cooperation includes organizing joint training courses and workshops for capacity building, which is a major priority for the two institutions. This cooperation will also contribute to the participation of specialists in the tasks of providing technical assistance, as well as organizing coordinated dialogues in areas of common interest targeting the regulatory and supervisory authorities in the Arab countries.

About the Arab Monetary Fund

An Arab financial organization, founded in 1976, with (22) Arab countries in its membership. The fund aims to contribute to correcting the imbalance in the balance of payments of member states, working to remove restrictions on current payments between member states, in addition to establishing policies and methods of Arab monetary cooperation, and providing advice upon request, in relation to foreign investment policies, in addition to working to develop markets Arab Finance. To achieve these objectives, the fund provides loans, provides technical advice, capacity building and training to supervisory authorities and economic, financial and statistical authorities in Arab countries.

An overview of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

One of the most prominent international non-profit organizations that support Islamic financial institutions, it was established in 1991 and is headquartered in the Kingdom of Bahrain. From countries as mandatory or indicative, and the authority also enjoys the support of a number of member institutions, including central banks, supervisory authorities, financial institutions, accounting and auditing firms, and legal offices from more than 45 countries. An advanced degree of homogeneity for Islamic financial practices worldwide .

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D9%85%D8%AD%D8%A7%D8%B3%D8%A8%D8%A9-%D9%88%D8%A7%D9%84%D9%85%D8%B1%D8%A7%D8%AC%D8%B9%D8%A9-%D9%84%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D8%A9-%D8%A3%D9%8A%D9%88%D9%81%D9%8A-%D9%8A%D9%88%D9%82%D8%B9%D8%A7%D9%86-%D9%85%D8%B0%D9%83%D8%B1%D8%A9-0

by **claud39** on Thu Jan 07, 2021 12:52 pm

THE ARAB MONETARY FUND AND THE ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS (AAOIFI) SIGN A MEMORANDUM OF UNDERSTANDING TO UNIFY THEIR EFFORTS TO DEVELOP THE ISLAMIC FINANCE INDUSTRY IN THE ARAB COUNTRIES

2021-01-06

On Wednesday, January 6, 2021, the Memorandum of Understanding was signed between the Arab Monetary Fund and the Accounting and Auditing Authority for Islamic Financial Institutions (AAOIFI). The MoU aims to build a comprehensive framework for cooperation between the two institutions at the level of partnership in providing technical advice and capacity building services in the Arab region in Areas of enhancing awareness of standards that have relevance or impact on the regulation and supervision of Islamic financial institutions, as well as other issues of mutual interest between the two institutions .

The agreement was signed on the side of the fund by His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi , Director General and Chairman of the Board of Directors of the Arab Monetary Fund, and on the part of the Authority, Mr. Omar Mustafa Ansari , Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions.

The signing of the memorandum will help facilitate cooperation between the two institutions for the joint regulation of technical activities related to prudential, Sharia, accounting and governance standards, as well as to raise awareness on emerging issues in the Islamic financial services industry. The cooperation includes organizing joint training courses and workshops for capacity building, which is a major priority for the two institutions. This cooperation will also contribute to the participation of specialists in the tasks of providing technical assistance, as well as organizing coordinated dialogues in areas of common interest targeting the regulatory and supervisory authorities in the Arab countries.

About the Arab Monetary Fund

An Arab financial organization, founded in 1976, with (22) Arab countries in its membership. The fund aims to contribute to correcting the imbalance in the balance of payments of member states, working to remove restrictions on current payments between member states, in addition to establishing policies and methods of Arab monetary cooperation, and providing advice upon request, in relation to foreign investment policies, in addition to working to develop markets Arab Finance. To achieve these objectives, the fund provides loans, provides technical advice, capacity building and training to supervisory authorities and economic, financial and statistical authorities in Arab countries.

An overview of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

One of the most prominent international non-profit organizations that support Islamic financial institutions, it was established in 1991 and is headquartered in the Kingdom of Bahrain. From countries as mandatory or indicative, and the authority also enjoys the support of a number of member institutions, including central banks, supervisory authorities, financial institutions, accounting and auditing firms, and legal offices from more than 45 countries. An advanced degree of homogeneity for Islamic financial practices worldwide .

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D9%85%D8%AD%D8%A7%D8%B3%D8%A8%D8%A9-%D9%88%D8%A7%D9%84%D9%85%D8%B1%D8%A7%D8%AC%D8%B9%D8%A9-%D9%84%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D8%A9-%D8%A3%D9%8A%D9%88%D9%81%D9%8A-%D9%8A%D9%88%D9%82%D8%B9%D8%A7%D9%86-%D9%85%D8%B0%D9%83%D8%B1%D8%A9