Jurisdiction(s):
United Kingdom

UK Banking, Finance, Capital Markets, Derivatives and Insolvency Law Glossary including Islamic finance

Published by a LexisNexis Banking & Finance expert

Practice notes

Banking & Finance glossary A

Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI)

The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Acceleration

Acceleration is the formal action taken by the agent, on the instructions of the majority lenders following an event of default, such as a demand for the early repayment of the loan...

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Web page updated on 22/05/2026

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