Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is set to overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny, Reuters has reported. The industry body plans to devise new standards to regulate shareholdings of Shari'ah scholars in financial institutions and advisory services provided by companies owned by scholars. AAOIFI also said it has approved two new accounting standards on financial reporting and investments in sukuk, or Islamic bonds.