AAOIFI Hosts Global Roundtable on Fit and Proper Criteria for Islamic Financial Institutions
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), through its Regulatory Research and Development Centre (RRDC), convened a virtual roundtable on 8 June 2026 to discuss fit and proper criteria for Islamic financial institutions (IFIs).
The session brought together more than 70 senior representatives from 29 regulatory and supervisory authorities (RSAs) across 26 jurisdictions. Discussions focused on strengthening governance frameworks for IFIs through the development and implementation of fit and proper criteria for key governance, management, and control positions, as well as challenges related to the availability of qualified human resources.
The roundtable was moderated by AAOIFI Secretary General Omar Mustafa Ansari, who highlighted the importance of human capital in supporting sound governance within Islamic financial institutions. He also noted the value of harmonised standards and the integration of Shari’ah governance considerations into regulatory frameworks.
During the session, participants reviewed AAOIFI standards relevant to fit and proper criteria for key positions in IFIs. The discussion provided an opportunity for regulatory authorities from different jurisdictions to exchange views and experiences on governance practices.
Participants highlighted skills gaps and capacity constraints within the Islamic finance industry and discussed the importance of professional qualifications, certifications, structured training programmes, and scalable learning platforms.
Representatives of regulatory and supervisory authorities also emphasised the need for a structured approach to Shari’ah governance and professional development. They shared practical experiences and discussed challenges in defining measurable criteria and identifying professionals with expertise in both technical and Shari’ah disciplines.
INDUSTRY IMPACT (IFD Editorial Insight)
The roundtable highlights the growing focus on governance standards and talent development within the Islamic finance industry. Discussions around fit and proper criteria, professional qualifications, and Shari’ah governance reflect ongoing efforts by regulators and industry bodies to strengthen institutional capacity and governance practices across Islamic financial institutions.
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