Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said its secretary general Dr Khaled Al Fakih has left the organisation to pursue other opportunities.

AAOIFI develops and issues standards for international Islamic finance industry.

"Dr Al Fakih left to pursue other opportunities and AAOIFI will be carrying out the due process for selection and appointment of a new secretary-general," said the board of trustees chairman Shaikh Ebrahim bin Khalifa Al Khalifa, reported the Gulf Daily News, our sister publication.

"During the transition period until the appointment of a new secretary-general, AAOIFI's activities and operations will be overseen by deputy secretary-general Khairul Nizam in consultation with the board of trustees," Shaikh Ebrahim added.

"In order to support the growth of international Islamic finance industry, the standards development process must be robust and accompanied by effective consultation with the industry and the esteemed Sharia scholars," he stated.

AAOIFI has issued a total of 88 standards for international Islamic finance in the areas of accounting, auditing, ethics, governance, and Sharia for international Islamic finance.

It is supported by more than 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms from over 45 countries.

AAOIFI said its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.-TradeArabia News Service