04 Apr

AAOIFI Board of Trustees Appoints New Secretary General

The Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) appointed Mr. Omar Mustafa Ansari as its new Secretary General in its meeting held on 7 April 2019 (the first day of AAOIFI 17th Annual Shari'ah Boards Conference in the Kingdom of Bahrain).

The Chairman of the Board, His Excellency Sheikh Ebrahim bin Khalifa Al Khalifa stated, “On behalf of AAOIFI and its Board of Trustees, we are very glad to announce that Mr. Omar Ansari has been selected and appointed as the new Secretary General of AAOIFI. During his last 4 years with AAOIFI, including more than a year as an Acting Secretary General, AAOIFI has not only issued a record number of standards (12) and exposure drafts (6), but has also strengthened its position working tirelessly by engaging industry stakeholders and maintaining AAOIFI as a truly global standard-setting body. We are hopeful and confident that under his leadership AAOIFI will yet achieve greater heights in fulfilling its mission and wide-spread implementation of its standards in more countries and jurisdictions around the globe.”

The selection of the Secretary-General followed a due process of evaluation and suitability testing in line with the principles of good governance, including interviews of the shortlisted candidates over a course of more than a year.

Mr. Ansari is a fellow member of the Institute of Chartered Accountants of Pakistan (ICAP). In his previous role, he was Partner – Assurance & Head of Islamic Finance (Pakistan & Afghanistan) at Ernst & Young Ford Rhodes Sidat Hyder - a member firm of Ernst & Young. At AAOIFI, he has been responsible primarily for leading the process of development of accounting, auditing, governance and ethics standards for the global Islamic finance industry, besides managing the overall affairs of the institution as the Acting Secretary General.

AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has a total of 111 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.  Its standards and technical pronouncements are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.

•    Mr. Mohammad Majd Bakir, Director, Professional Standards Development, AAOIFI, Office: +973 – 17375418;  e-mail:mbakir@aaoifi.com


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