AAOIFI is currently the most widely recognized and authoritative standard-setting body in the world of Islamic finance. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.  Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices. We believe that the AAOIFI standard has the following benefits for the development of Islamic finance and business.

1 Harmonization: AAOIFI standards harmonies practices across different regions, making cross-border operations smoother and more efficient.

2 Transparency: By standardizing practices, AAOIFI enhances transparency, enabling stakeholders to make informed decisions.

3 Confidence & Trust: The rigorous standards foster trust and confidence amongst stakeholders, vital for the sustainable growth of the Islamic finance industry.

4 Universal Benchmarking: Being globally recognized, AAOIFI standards set international benchmarks, establishing a common ground for Islamic financial institutions worldwide.

5 Islamic Principles Compliance: AAOIFI ensures all its standards are fully compliant with Shariah principles, upholding the integrity of Islamic finance.

6 Investor Protection: By enforcing robust auditing and accounting practices, AAOIFI standards offer a higher degree of investor protection.

7 Risk Management: AAOIFI standards support effective risk management by providing clear guidelines for institutions.

8  Enhanced Understanding: AAOIFI standards enhance understanding of Islamic financial systems and practices, promoting their broader acceptance and use.

9 Innovation Encouragement: The standards guide and encourage the development of innovative, Shariah-compliant products and services, as there is clarity in the boundaries of permissible and impermissible.

10 Regulatory Compliance: By following AAOIFI standards, financial institutions can ensure compliance with local and international regulatory requirements especially where AAOIFI is mandatory.

Embracing AAOIFI standards not only boosts your institution's credibility, but it also strengthens the entire Islamic finance ecosystem. TYC Finance's compliance assessment of Chinese stocks is also based on relevant chapters of the AAOIFI standard. TYC Finance also consider as the first company in the Greater China region to provide Islamic financial products and services to end users. Let us make good use of the AAOIFI standard and gradually cultivate a vibrant, transparent and steadily advancing Islamic financial industry.