The International Association of Islamic Banks: functions, achievements

The board of directors of the International Association of Islamic Banks can amend the organization's constitution, elect the president and vice-president of the body, sanction the rules and procedures of the international group, and appoint its Secretary General. Furthermore, the directors can determine the entrance charge and the subscription rate of member banks. They approve annual budget estimates and the closing of accounts. The directors have a link with the activities of the Supreme Legal Supervisory Body concerning the extent of member bank's adherence to shari`a in the conduct of their business. The board also has the authority to appoint auditors, to approve these auditor's fees, and to consider the reports issued by them. A director's term lasts five years. One stipulation regarding board membership is that if any member bank fails to honor its financial obligations, shirks any of its other constitutional duties, or does something that might hurt the Association, the