Sharia governance standards and the role of AAOIFI: a comprehensive literature review and future research agenda

M. Kabir Hassan and Mustafa Raza Rabbani

Journal of Islamic Accounting and Business Research, 2022, vol. 14, issue 5, 677-698

Abstract: Purpose - The purpose of this study is to investigate the role of Auditing and Accounting Organization for Islamic Financial Institution (AOIFI) governance disclosure on the performance of Islamic financial institutions (IFIs) through systematic literature review approach. Design/methodology/approach - This study is based on the review of literature related to the AAOIFI accounting standards downloaded from Scopus database. This study includes review of 126 research articles, 10 review papers, 9 book chapters and 5 conference papers related to different roles played by AAOIFI in providing standards for accounting, auditing, governance and ethics for global IFIs. Findings - The findings of this study suggest that AAOIFI has played a critical role in developing the accounting standards for the IFIs and contributed positively to the overall growth of the Islamic finance industry. Practical implications - AAOIFI has played a critical role in issuing and development of accounting and auditing standards and has contributed positively to the financial performance of IFIs. Research gaps are identified, and there is a need to work on these gaps. Originality/value - This study will contribute to the understanding the role of AAOIFI in issuing and development of accounting and governance standards and future research agenda based on a thorough review of literature.

Keywords: AAOIFI; Islamic finance; Islamic accounting; Islamic economics; Islamic Fintech; Sharia governance (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jiabrp:jiabr-04-2022-0111

DOI: 10.1108/JIABR-04-2022-0111

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