Islamic Financial Institution Accounting and Auditing Organization, abbreviated as AAOIFI, IFAC associate member unit. The Accounting and Auditing Organization of Islamic Financial Institutions was established in 1991 and is headquartered in Bahrain. It is a leading international non-profit organization that is mainly responsible for formulating and publishing relevant standards for the Islamic financial industry worldwide. The organization is supported by many members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and law firms in more than 45 countries. The leading Islamic financial institutions around the world are required to comply with the relevant standards of the organization. At the same time, the organization is also responsible for introducing and coordinating the progress of Islamic financial practices on a global scale.