Secretary general of Islamic finance group AAOIFI resigns

Dr. Hamed Hassan Merah has resigned from his position as secretary general at the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

AAOIFI standards are used across the Islamic finance world, and are mandatory in both Oman and Bahrain. The organisation has 200 institutional members from across 45 countries.

It has issued a total of 88 standards in the areas of Shari’ah, for accounting, auditing, ethics and governance for international Islamic finance.

Under Merah, AAOIFI was reorganised with 50 new members across three technical boards in 2015. This included the creation of a boar specifically designed to monitor governance and ethics.

Related: Central Bank of Bahrain launches external audit for Islamic banks

The body announced in November 2017 that it would be undertaking a project designed to increase adoption of its standards across the Islamic finance industry, with particular focus on Turkey and Malaysia.

The Saudi Arabian Monetary Authorit joined AAOIFI in October 2017. Merah, a Saudi national, authored and published two books and a collection of research papers. He told Reuters that he had presented an “objectively reason resignation” to the board of directors, which was accepted on Tuesday 16 January.

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