First Community Bank is a full member of a number of important financial organizations including the following:
A. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
An Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions and the industry. As an independent international organization, AAOIFI is supported by 160 institutional members from 41 countries including central banks, Islamic financial institutions, and other participants from the international Islamic banking and finance industry, worldwide. AAOIFI was established by Islamic financial institutions on 27 March, 1991 in the State of Bahrain. The objectives of AAOIFI are:
- To develop and disseminate accounting and auditing thoughts relevant to Islamic financial institutions;
- To prepare, promulgate and interpret accounting and auditing standards for Islamic financial institutions;
- To review and amend accounting and auditing standards for Islamic financial institutions.
AAOIFI has gained assuring support for the implementation of its standards which have been adopted by Islamic institutions worldwide. Several regulatory authorities have issued guidelines that are based on AAOIFI’s standards and pronouncements.
B. The General Council for Islamic Banks and Financial Institutions (CIBAFI)
Created by the Islamic Development Bank, AAOIFI, several Islamic Central & Commercial banks and other Islamic Institutions. Currently, it has the largest concentration of Islamic financial institutions of 87 members with First Community Bank being the latest member. CIBAFI supports and promotes the development of Islamic Financial services globally. The activities of CIBAFI are centered on three major areas, namely:
- Media and awareness,
- Information and research,
- Policies and strategic planning.
Both institutions based in Bahrain are the main umbrella bodies in the Islamic Banking fraternity globally.
C. Kenya Institute of Management – KIM
FCB is a corporate member of KIM which is one of only four private national management development institutions in Sub-Saharan Africa. KIM operates with the aim of enhancing management knowledge and practice in both the public and private sector.
D. Kenya Bankers Association- KBA
This institution is a reputed professional Association of Banks and Financial Institutions in Kenya . Its membership profile includes the Banks and other Financial Corporate Institutions. It serves as a lobby for the banking sector's interests.