AAOIFI GOVERNANCE STANDARDS PDF

In , the projects were initiated and completed the various phases of standards development process which starts from preparing the preliminary study and consultation notes to issuing the exposure draft for industry feedback. The standards were discussed substantively in several public hearings. AGEB deliberated on the comments received during the public hearings, and in writing. Accordingly, the board directed the secretariat to finalise and issue the standards.

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This website uses cookies to improve services, analyse traffic to our site, deliver content and provide tailored ads. By using this site, you agree to this use. See our Cookie Policy. The Bahrain-based organisation started producing standards as early as AAOIFI standards have been developed in consultation with leading Sharia scholars, with several counties adopting them. Although AAOIFI standards are not binding on members, over the last few years the organisation has made significant progress in encouraging the widespread adoption of the standards.

In addition, over this period, International Accounting Standards IAS or respective national accounting standards were followed by Islamic banks. Hence, the unique requirements of Islamic financial institutions were not being met.

To give two examples: Fiduciary risk: the Mudaraba contract places liability of the loss on the mudarib. In an industry that is often quite fragmented, it is hoped that the development of AAOIFI standards will go a long way in promoting convergence in Sharia standards and leading to further growth in this nascent market. Concept of financial accounting for IFIs. Murabaha and Murabaha to the purchase orderer. Mudaraba financing. Equity of investment account holders and their equivalent.

Salam and Parallel Salam. Ijarah and Ijarah Muntahia Bittamleek. Provisions and Reserves. Investment Funds. Provisions and Reserves in Islamic Insurance Companies. Foreign Currency Transactions and Foreign Operation. Contributions in Islamic Insurance Companies. Deferred Payment Sale. Disclosure on Transfer of Assets. Segment Reporting.

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AAOIFI governance standards: Sharia disclosure and financial performance for Islamic banks

This website uses cookies to improve services, analyse traffic to our site, deliver content and provide tailored ads. By using this site, you agree to this use. See our Cookie Policy. The Bahrain-based organisation started producing standards as early as AAOIFI standards have been developed in consultation with leading Sharia scholars, with several counties adopting them. Although AAOIFI standards are not binding on members, over the last few years the organisation has made significant progress in encouraging the widespread adoption of the standards.

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Then, it was registered on 27 March in Bahrain. It has members from more than 45 countries [10] , including central banks and Islamic financial institutions and other parties working in the financial industry and banking, Islamic International. The commission has obtained support for the application of the standards issued by it, where these standards are dependent today in the Kingdom of Bahrain and the Dubai International Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria. The competent authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa issued guidelines derived from the standards and publications.

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