Dubai – LAWFUEL – Legal Announcements – The Bahrain based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) recently appointed Oliver Agha, Global Head of Islamic Finance at DLA Piper, one of the largest global law firm by number of lawyers, to its Accounting and Auditing Standards Board (AASB) and Auditing and Governance Standards Committee (AGSC).
Established in 1990, AAOIFI has over 180 members from over 40 countries and it is the leading standards-setting body for the international Islamic finance industry.
The AASB has responsibility for the development of AAOIFI standards on accounting, auditing, ethics, and governance for the international Islamic finance industry. The AGSC comprises selected members of the AASB and is charged with developing and reviewing standards for auditing and governance. Oliver will join existing members of the AGSC representing the Islamic Development Bank, the Dubai Financial Services Authority, Jordan Islamic Bank and PricewaterhouseCoopers, among others.
Oliver spearheaded the development of DLA Piper’s Islamic Finance Team in early 2007, which received the IIR “Global Recognition in Islamic Finance for a Law Firm Award” for 2008.
Asked about his appointment, Oliver said: “I am honoured to have been chosen to join the AASB and AGSC, two important bodies of the AAOIFI, which under Dr Alchaar’s dynamic leadership serve an integral role in developing the Islamic finance industry. As Islamic finance grows, the role of AAOIFI will become increasingly important in shaping the direction of the growth and establishing parameters to avoid pitfalls.”
Dr Mohamad Nedal Alchaar, Secretary General of AAOIFI, said: “We are delighted that Mr Oliver Agha has agreed to serve on the AASB and AGSC. His wealth of experience and expertise will definitely benefit AAOIFI in developing high-quality standards that can support the expansion and sustain the growth of international Islamic finance industry.”