The Saudi Arabian Monetary Agency (SAMA) has joined a prominent Bahrain-based organisation that promotes standards for Islamic finance.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) seeks to encourage the growth of Islamic finance and has issued more than 100 standards.
Shaikh Ebrahim bin Khalifa Al Khalifa, chairman of AAOIFI’s board of trustees, said the inclusion of SAMA was important because of the “pivotal role of Saudi Arabia at all levels”.
Al Khalifa said AAOIFI was working “towards higher levels of harmonisation and standardisation for Islamic finance contracts, products and practices at a global level”.
SAMA, the Saudi Arabian central bank, joins banks, regulators and law firms from 45 countries in supporting AAOIFI.
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