University Islamic Financial Corporation Joins AAOIFI, the Global Islamic Finance Accounting Standards Setting Organization today announced that its 80% owned subsidiary, University Islamic Financial, has joined AAOIFI, the global Islamic Finance accounting standards setting organization, as a full member. AAOIFI is responsible for developing accounting, auditing, ethics, governance, and Shari'a standards for the international Islamic banking and finance industry. AAOIFI is supported by over 160 institutional members from around 40 countries. It has its corporate office in Kingdom of Bahrain
University Bank & University Islamic Financial's President & Chairman Stephen Lange Ranzini stated, "AAOIFI is setting the global standards for Islamic Banking Sharia'a standards. University Islamic Financial wants to serve as the model in the United States for operating 100% in compliance with the Shari'a. Our membership in AAOIFI will assist us in that ambition." |
