Supranational Authorities and Organizations

The Accounting and Auditing Organization for Islamic Financial Institutions is an Islamic international independent not-for-profit corporate body that prepares and issues accounting, auditing, governance and ethical standards relating to the activities of Islamic financial institutions. It was established to improve the existing international standards which were inadequate to cater for the needs of Islamic finance. AAOIFI's goal is to harmonize the accounting policies and procedures adopted by Islamic financial institutions taking into consideration both the international standards and the practices that comply with Shari’a rules. AAOIFI favors conformity among the Shari’a supervisory boards of Islamic financial institutions to avoid contradictions and inconsistencies between the fatwas and their application. The international recognition and consistent application of these standards is essential for the credibility of the Islamic Finance industry overall. It has so far issued 57 standards on accounting, auditing, governance, ethical and Shari’a standards. It was established by Islamic financial institutions in 1990 and it is based in the State of Bahrain. AAOIFI members are the six founding members, the associate members, regulatory and supervisory authorities and observer members. AAOIFI associate members are the Islamic financial institutions that comply with Shari’a rules and principles in all their transactions and Islamic fiqh academies. Currently the membership stands at around 140 members from 30 countries. AAOIFI organizes conferences in regulatory and Shari'a issues and introduced the Certified Islamic Public Accountant (CIPA) programme to provide the industry with qualified personnel.

The Council for Islamic Banks and Financial Institutions (CIBFI) is an international autonomous not-for-profit corporate body that represents the Islamic financial services industry globally. It was formed in 2001 by the Islamic Development Bank and other Islamic Financial Institutions and it is based in the kingdom of Bahrain. CIBFI mission is to promote the Islamic financial industry in theory and practice and to improve multilateral understanding between Islamic banks, their customers and the public at large. Members are Islamic Banks and Financial Institutions that come from different countries, like the United Arab Emirates, Kuwait, Malaysia. They include Islamic Commercial Banks, Islamic Windows and Departments in conventional banks, Islamic Investment Banks, Islamic Funds, and Islamic (Takaful) Insurance Companies.

The Islamic Development Bank is a Multilateral Development Bank established to foster the economic development and social progress of its member countries and Muslim communities in non-member countries in accordance with the principles of Shari’a. The Bank extends financing (equity capital and Shari’a compliant loans) for infrastructural and agricultural projects such as roads, canals, dams, schools, hospitals, housing, rural development, etc., both in the public and private sectors, that have an impact on the economic and social development of the member countries. The Bank is authorized to accept deposits and to mobilize financial resources through Shari’a compatible modes. The unit of account of IDB is the Islamic Dinar (ID) which is equivalent to the Special Drawing Right (SDR) of the International Monetary Fund. IDB authorized capital stock is 30 billion Islamic Dinars and the subscribed capital is 15 billion ID. IsDB was established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in 1973. The Bank was formally opened on 20 October 1975. The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organization of the Islamic Conference, pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IsDB Board of Governors. The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Regional offices and representatives have been established in other member countries.

The Islamic Financial Services Board (IFSB) is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors. In December 2005, the IFSB adopted two prudential standards: the Guiding Principles of Risk Management and Capital Adequacy Standard for Institutions offering only Islamic Financial Services. The development of international standards and best practices for the Islamic financial services industry by the IFSB will complement the work of other international organizations such as the Bank of International Settlements’ (BIS) Basle Committee on Banking Supervision, the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS). The IFSB is based in Kuala Lumpur (Malaysia) and started its operations in March 2003. Malaysia has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organizations and diplomatic missions. The 110 members of the IFSB include 27 regulatory and supervisory authorities as well as International Monetary Fund, World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 78 market players from 21 countries. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organizes round-tables, seminars and conferences for regulators and industry stakeholders as well

The Islamic International Rating Agency (IIRA) is an agency that plays a pro-active role in the development of Sharia compliant financial markets by providing an assessment of the risk profile of issuers and instruments that can be used as a basis for investment decisions. IIRA mission is to provide information and independent assessment with regard to Sovereign and Credit Ratings, Shari’a Quality Ratings and Corporate Governance Ratings. Sovereign and Credit Ratings assess the likelihood that an entity will repay its debt obligations in a timely manner; Shari’a Quality Ratings assesses the level of compliance with principles of Shari’a; Corporate Governance Ratings looks at the practices of an entity to assess the demarcation of rights and responsibilities of different stakeholders and compliance with prevailing rules and procedures for decision making . IIRA is an alternative to the international agencies and its goal is to become a reference on which investors and financiers can rely to achieve “Quality” in terms of compliance with the related Shari’a rules and principles for financial services marketed as “Islamic”. IIRA develops methodologies and benchmarks for issue/issuer ratings. It is sponsored by multilateral finance institutions, leading banks and other financial institutions and rating agencies from different countries. IIRA is structured in a way to preserve its independence. It has a Board of Directors and fully independent Rating Committee and Shari’a Board made up of experts in the field. It started operations in July 2005 and it is based in the Kingdom of Bahrain

L’International Cooperative and Mutual Insurance Federation è un’organizzazione globale che rappresenta le cooperative e mutue assicurazioni presenti in tutto il mondo. I principi sottostanti ad un’assicurazione islamica (Takaful) non sono dissimili da quelli di una mutua assicurazione primo fra tutti la solidarietà reciproca fra gli assicurati. Takaful in arabo significa, infatti, “garanzia congiunta”, “solidarietà”. L’ICMIF ha l’obiettivo di contribuire allo sviluppo del settore Takaful utilizzando l’esperienza di più di 100 anni maturata nel settore delle mutue assicurazioni, fornendo anche accesso ai prodotti microtakaful per i settori della società con un livello di reddito basso. Tutto ciò consente all’assicurazione islamica di non apparire come un segmento isolato ma di essere invece inserita nel contesto internazionale.

L’International Islamic Financial Market (IIFM) è un’organizzazione non-profit costituita con l’obiettivo di promuovere lo sviluppo sia del mercato dei capitali islamico. Particolare attenzione è stata posta sullo sviluppo di un mercato primario e secondario di strumenti finanziari Shari’a compliant a breve termine. L’IIFM è inoltre impegnato nello sviluppo e standardizzazione delle strutture contrattuali e nella promozione degli strumenti finanziari islamici nonché nella promozione di alleanze e collaborazioni con le borse internazionali per lo sviluppo di regole di negoziazione omogenee. Fondato su iniziativa delle banche centrali del Bahrain, Brunei, Indonesia, Malaysia, Sudan e dell’Islamic Development Bank, ha sede in Bahrain ed opera dal 2002.

Il Fondo Monetario Internazionale (IMF), al pari della Banca Mondiale, ha intrapreso lo studio ed il monitoraggio del fenomeno della finanza islamica. Diversi sono gli studi che sono stati realizzati da membri dello staff dell’IMF. E’ membro dell’Islamic Financial Services Board (IFSB) e dell’Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

L’International Swaps and Derivatives Association (ISDA) rappresenta i soggetti coinvolti nelle negoziazioni OTC (over the counter) in strumenti finanziari derivati. L’obiettivo dell’associazione è quello sviluppare e diffondere dei modelli di strutture contrattuali (Master Agreement) che siano accettati dalla comunità finanziaria. Ciò consente di perseguire una maggiore omogeneità ed una riduzione e gestione dei rischi. Nel 2003 è stato istituito l’Islamic Finance Law Group con l’obiettivo di analizzare le questioni legali e regolamentari relative all’industria degli strumenti derivati secondo le leggi islamiche. Nel settembre 2006, l’ISDA e l’IIFM si sono accordati per sviluppare Shari’a compliant documentation per le operazioni in derivati OTC.

L’Islamic Corporation for the Insurance of Investments and Export Credit offre servizi di assicurazione sugli investimenti, credito all’esportazione e riassicurazione coerenti con i principi islamici. Appartiene al gruppo dell’Islamic Development Bank ed è operativa dal 1992. E’ stata istituita per volontà dell’Organizzazione della Conferenza Islamica (OIC) per sostenere lo sviluppo dei paesi membri. L’ICIEC ha un ruolo molto importante poiché sostiene l’export dai paesi membri, promuove gli investimenti verso i paesi membri ed è attiva nell’offerta di servizi di riassicurazione, condizione necessaria per lo sviluppo dell’assicurazione islamica (takaful). Infatti, per motivi culturali, l’assicurazione ha sempre rappresentato un tabù nei paesi musulmani. Al capitale dell’ICIEC partecipano l’IsDB e 36 paesi appartenenti all’OIC.

La Banca Mondiale ha ampliato la sua conoscenza ed esperienza nel settore della Finanza Islamica al fine di assistere meglio i paesi membri che intendono sviluppare un sistema finanziario secondo i propri principi etici e culturali. Tale interesse è volto, inoltre, a monitorare lo sviluppo dei servizi finanziari e la stabilità dei mercati finanziari. La Banca Mondiale è un membro dell’Islamic Financial Services Board (IFSB), partecipa ai gruppi di lavoro organizzati dall’IFSB sulla corporate governance, supervisione e trasparenza e sulla disciplina di mercato per le istituzioni che offrono servizi finanziari islamici. Coopera anche con l’Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) e l’Islamic Development Bank (IsDB). La partecipazione della Banca Mondiale contribuisce a riconoscere un ruolo internazionale alla finanza islamica.