Role of Regulatory Institutions and Standards-setting Institutions in Managing Economic and Financial Crisis and AAOIFI initiatives​

This paper explores the role of regulatory and standard-setting bodies, particularly AAOIFI in managing financial crises, with COVID-19 as a key test of Islamic finance resilience. It highlights the importance of standardization, governance, and ethical guidance, outlines AAOIFI’s responses and contributions (including social finance), and examines implementation challenges. The discussion also considers future Islamic finance business models and key lessons learned from the pandemic.