AAOIFI convenes global RSAs roundtable on “fit and proper criteria for Islamic financial institutions”

15 June 2026

PR/08/2026

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), through its Regulatory Research and Development Centre (RRDC), convened a high-level virtual roundtable on 8 June 2026, bringing together over 70 senior representatives from 29 regulatory and supervisory authorities (RSAs) across 26 jurisdictions. The roundtable focused on strengthening governance frameworks applicable to the Islamic financial institutions (IFIs) through the development and implementation of robust fit and proper criteria for key governance, management and control positions, along with the challenges in availability of right human resources meeting such fit and proper criteria, where applicable.

The session was moderated by Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, who highlighted the critical importance of human capital in ensuring sound governance in IFIs. He emphasised the need for harmonised global standards and the integration of Shari'ah governance considerations within regulatory frameworks.

A detailed presentation on AAOIFI standards relevant to fit and proper criteria for key positions in IFIs was delivered by Mr. Omar Mustafa Ansari, providing a foundation for in-depth discussions among participants representing diverse regulatory jurisdictions worldwide.

The participants underscored the existing skills gap and capacity constraints across the Islamic finance industry and highlighted the importance of enhanced qualifications / certifications, structured training programmes and scalable training platforms.

The representatives of RSAs emphasised the need for a structured approach to Shari'ah governance and professional training. They shared practical experiences and highlighted challenges in defining measurable criteria and identifying professionals with dual competencies in both technical and Shari'ah domains.

The roundtable also generated several key recommendations. Participants highlighted the importance for regulators to adopt AAOIFI Governance Standards as a baseline, introduce mandatory certification and continuous professional development requirements and enhance regulatory coordination and cross-border alignment. It was further suggested that AAOIFI Governance and Ethics Board may consider developing consolidated guidance on fit and proper frameworks to support consistent implementation across jurisdictions.