AAOIFI signs accord with UK institution.
MANAMA: Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) announced it has signed a memorandum of understanding (MoU) with London-based Association of the Chartered Certified Accountants (ACCA).
The MoU draws on the expertise and standing of a leading international standard setter for the Islamic finance industry and a more than 100-year-old international accounting fellowship.
The MoU includes technical and professional activities, and reflects the intention of both parties to enhance development of the accountancy profession locally and internationally; and expanding opportunities for various internationally recognised fellowships.
Commenting after the signing of the MoU, ACCA head of Middle East Lindsay Degouve De Nuncques said, "This MoU expresses our intention to co-operate and collaborate with AAOIFI within the scope of our respective mandates and areas of competences for mutual benefit of both AAOIFI and ACCA stakeholders."
AAOIFI secretary general Dr Hamed Merah said, there is increasing demand for prestigious fellowships in the Islamic finance industry and thus the co-operation between AAOIFI and ACCA in this area will have a positive impact internationally.
The MoU aims at enhancing the co-operation and integration between the specialised professional accounting fellowship issued by AAOIFI (Certified Islamic Professional Accountant) and the ACCA, and this co-operation is illustrated in providing special exemptions for ACCA holders in some parts of CIPA.
The MoU included co-operation in different areas such as research, events and continuous development.
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