Palestine Islamic Bank joins AAOIFI – Accounting & Auditing Organization for Islamic Financial Institutions

Bahrain: 9th December, 2015:

The Palestine Islamic Bank has joined the General Assembly of the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) after gaining the approval of the General Assembly to join the organization.

The decision came during the General Assembly meeting of the organization held on the sidelines of the Annual "Islamic Banking and Financial Business” conference organized by the AAOIFI on the sixth and seventh of December in Manama, Kingdom of Bahrain, in cooperation with the World Bank under the auspices of the Central Bank of Bahrain.

Commenting on the decision Mr. Saeb Sammour - Deputy General Manager, Palestine Islamic Bank; said that the membership of the bank at the organization will allow for better participation in applying and implementing the latest in accounting and regulatory standards which will of course have a positive impact on the bank’s performance and growth confirming the bank’s journey towards applying best practices in auditing and compliance in relation to Shariah compliant banking.

Mr. Sammour also noted that the bank has achieved distinct financial results in recent years and has introduced a number of products and banking services to its framework as it continues to open more branches and offices to allow it to reach a wider segment of the public.

Mr. Sammour also congratulated AAOIFI on their continued efforts to facilitate and regulate Islamic banking services, while thanking them for the General Assembly’s approval of the bank’s membership and highlighting how proud the bank was to become a part of this important organization.

In addition, Mr. Sammour on behalf of the Palestine Islamic Bank; thanked Dr. Hamed Mira, Secretary General for AAOIFI for his tireless efforts in opening new horizons for Islamic Banking highlighting the role he has played in supporting Islamic banking institutions and allowing them to prosper.

The Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) was founded in 1999 as per a founding agreement signed by a number of Islamic financial institutions in Algeria and was then registered in Bahrain as an independent global body the following year.

AAOIFI aims to develop and promote advancement in accounting and auditing of Islamic financial institutions through implementation of publications, seminars, issuing newsletters and other means, as well as preparation and production, interpretation and revision and modification of accounting and auditing standards for those institutions in accordance with the provisions of the Islamic sharia principles.