Abstract:

The study aims to explore the developments in the field of Islamic Finance worldwide and the organizations that are oriented towards Islamic Finance. First of all, this is the 20th century. From the beginning, the developments in the Islamic finance field and the size of the asset that the Islamic finance industry has reached have been studied. The work of international organizations in the field of Islamic Finance was later transmitted. The study points out that Islamic finance has accelerated its development, especially since the mid-1970s, and that the industry has reached a certain level of maturity in the late 1990s and the progressive process. In the development of Islamic finance, international organizations such as the Islamic Cooperation Organization (IIT) and the Islamic Development Bank (ICB) play an important role. Increasing volume and financial product diversity have revealed the need for standardization. In this regard, the standards established by the Islamic Financial Institutions Accounting and Audit Authority (AAOIFI) and the Islamic Financial Services Council (IFSB) provide significant contributions to the satisfaction of this need and the point of healthy development of the Islamic financial industry.

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