IslamicFinance.de

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has appointed a new secretary-general. Saudi Arabian national Hamed Hassan Merah has been chosen for the post, replacing Khaled Al Fakih, who left the organisation in May after two and a half years in charge. Merah most recently worked with Solidarity Saudi Takaful Company and before that with Riyadh-based Jadwa Investment. Established in 1990, AAOIFI issues guidelines that are followed wholly or in part by Islamic financial institutions around the world. But as Islamic banking has grown globally over the last several years, other standard-setting bodies have become increasingly active and influential.

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Thursday secretary general Khaled Al Fakih had left the organisation to pursue other opportunities. Al Fakih, a Lebanese-born commercial banker, had been secretary general since February 2012. Deputy secretary general Khairul Nizam will take over his duties while AAOIFI looks for a new secretary general, the organisation said. Set up in 1990, AAOIFI has issued a total of 88 standards for Islamic finance. Its membership includes more than 200 institutions from 40 countries, including central banks and regulatory agencies.