The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIF, is the governing body that makes the standards for which the banking industry must abide by in regards to accounting and record keeping. In the first week of August, the AAOIFI announced two distinct accounting standards that impact accounting throughout the Islamic financial sectors. The goal of these standards is to promote standardized transparency and lay framework for accounting of investment accounts.
These new reporting and accounting standards are a lot for financial institutions that are new to the AAOIFI practices to implement in a system that previously required no separation of debt and equity-type instruments. As a result, the accounting sector is going to have a high demand for qualified and highly educated accountants that can take the AAOIFI standards and integrate them into the financial institutions current reporting and accounting processes.
The interest in accounting in Dubai has seen a tremendous spike, with the number of MBA students at an all time high at the areas universities. Manchester Business School Middle East International Executive Centre, for example, grew its MBA student base by 16.5% in July. This added 100 new MBA students, for a total of 800 enrolled. The majority of these students are in the accounting program, but these students will not be ready for work for some time, and when they are they will lack the professional experience needed to facilitate these changes in standards. The immediate need for accountants provides a great opportunity for those that already have the professional and educational experience in the accounting sector to obtain work in Dubai.
The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIF, is the governing body that makes the standards for which the banking industry must abide by in regards to accounting and record keeping. In the first week of August, the AAOIFI announced two distinct accounting standards that impact accounting throughout the Islamic financial sectors. The goal of these standards is to promote standardized transparency and lay framework for accounting of investment accounts.
These new reporting and accounting standards are a lot for financial institutions that are new to the AAOIFI practices to implement in a system that previously required no separation of debt and equity-type instruments. As a result, the accounting sector is going to have a high demand for qualified and highly educated accountants that can take the AAOIFI standards and integrate them into the financial institutions current reporting and accounting processes.
The interest in accounting in Dubai has seen a tremendous spike, with the number of MBA students at an all time high at the areas universities. Manchester Business School Middle East International Executive Centre, for example, grew its MBA student base by 16.5% in July. This added 100 new MBA students, for a total of 800 enrolled. The majority of these students are in the accounting program, but these students will not be ready for work for some time, and when they are they will lack the professional experience needed to facilitate these changes in standards. The immediate need for accountants provides a great opportunity for those that already have the professional and educational experience in the accounting sector to obtain work in Dubai.
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