Abstract
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has made an important regulatory beginning. Bahrain-based AAOIFI seeks to support the faith of Islam by developing accounting standards for Islamic investment vehicles and by conducting related training and publicity. AAOIFI also expects to strengthen the effectiveness of Sharia committees by facilitating evaluation of emerging financing instruments and by aiding in the implementation of Islamic ethics. The agency merits close monitoring by Western bankers and their accountants, given the rapidly growing asset base of Islamic financial institutions.
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