The head of the Bahrain's Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has resigned after more than three years at the helm of the standard-setting body.
Secretary general Hamed Merah said he had presented an "objectively reasoned resignation" to AAOIFI's board of trustees which in turn accepted it on Thursday.
Saudi-born Mr Merah took the role in September of 2014, helping oversee the most significant overhaul of AAOIFI's activities since its establishment in 1990.
AAOIFI standards are used widely in the US$2 trillion industry and are mandatory in several countries such as Bahrain and Oman.
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But as a complex organisation with 200 institutional members from across 45 countries, it had been slow to respond to issues relating to conflicts of interest and product standardisation.
Under Mr Merah, however, AAOIFI tackled such issues head on, launching a review of its accounting, auditing and Sharia standards and fast-tracking several new ones.
AAOIFI reorganised its internal structure by appointing 50 members across three technical boards in late 2015, which included the creation of a board on governance and ethics.
That board developed a standard on central sharia boards, seen a key development to help unify industry practices.
AAOIFI also approved a standard for gold-based products, while it had started work on standards covering Islamic endowments, known as awqaf.
In November, Mr Merah said AAOIFI would now prioritisa=e wider adoption of its standards by engaging national regulators in key markets, including Turkey and Malaysia.
Saudi Arabia's central bank joined AAOIFI as an institutional member in October.
CONCRETE COWBOY
Directed by: Ricky Staub
Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome
3.5/5 stars
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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The years Ramadan fell in May
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