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The head of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has resigned after more than three years at the helm of the standard-setting body.

Secretary General Hamed Hassan Merah told Reuters he had presented an “objectively reasoned resignation” to AAOIFI’s board of trustees which in turn accepted it on Thursday.

Saudi-born Merah took the role in September of 2014, helping oversee the most significant overhaul of AAOIFI’s activities since its establishment in 1990. AAOIFI standards are used widely in the $2 trillion industry and are mandatory in several countries such as Bahrain and Oman.

But as a complex organization with 200 institutional members from across 45 countries, it had been slow to respond to issues relating to conflicts of interest and product standardization. Under Merah, however, AAOIFI tackled such issues head on, launching a review of its accounting, auditing and sharia standards and fast-tracking several new ones. Read More …

The head of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has resigned after more than three years at the helm of the standard-setting body. Secretary General Hamed Hassan Merah told Reuters he had presented an “objectively reasoned resignation” to AAOIFI’s board of trustees which in turn accepted it on Thursday. Saudi-born Merah took the role in September of 2014, helping oversee the most significant overhaul of AAOIFI’s activities since its establishment in 1990. AAOIFI standards are used widely in the $2 trillion industry and are mandatory in several countries such as Bahrain and Oman. But as a complex organization with 200 institutional members from across 45 countries, it had been slow to respond to issues relating to conflicts of interest and product standardization. Under Merah, however, AAOIFI tackled such issues head on, launching a review of its accounting, auditing and sharia standards and fast-tracking several new ones. auditing and sharia standards and fast-tracking several new ones.