The objectives of SIFPA include the following:

1. To provide shariah auditing and consultancy services to Islamic financial and nonfinancial institutions.
2. 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.
3. To prepare and interpret accounting and auditing standards for Islamic financial institutions in Somalia.
4. To be sources and reference on Shariah compliance regarding to the Islamic finance industry in Somalia.
5. To connect Somali Islamic economic and Finance sectors to its global counterparts through the International Islamic financial Standards.
6. To promote and facilitate professional development and education in Islamic finance.