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

What is it about?

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 a systematic literature review approach. The paper is based on the review of literature related to the AAOIFI accounting standards downloaded from the Scopus database. The paper includes a 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 Islamic financial institutions. The findings of the study suggest that AAOIFI has played a critical role in developing the accounting standards for Islamic financial institutions and contributed positively to the overall growth of the Islamic finance industry. The paper will contribute to the understanding of the role of AAOIFI in issuing and developing accounting and governance standards and future research agenda based on a thorough review of literature.

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