The objectives of SIFPA include the following:
- To provide shariah auditing and consultancy services to Islamic financial and nonfinancial institutions.
- To promote and maintain high level of professionalism with standards of competence and conduct of the Shariah compliance for Islamic financial and financial Institutions in Somalia.
- To prepare and interpret accounting and auditing standards for Islamic financial institutions in Somalia.
- To be sources and reference on Shariah compliance regarding to the Islamic finance industry in Somalia.
- To connect Somali Islamic economic and Finance sectors to its global counterparts through the International Islamic financial Standards.
- To promote and facilitate professional development and education in Islamic finance.