June 24, 2020

AAOIFI Governance and Ethics Board Approves in Principle Exposure Draft on ‘ Sukuk . AAOIFI Officially issues the Exposure Draft of Governance Standard on . Content. Overview of AAOIFI. AAOIFI Governance Standards – on Shari’a. Supervision and Compliance. AAOIFI Auditing Standards. Appendices. Overview of AAOIFI AAOIFI Governance Standards – on Shari’a. Supervision and Compliance. AAOIFI Auditing Standards Appendices. Overview of AAOIFI.

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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 gobernance were not being met. To give two examples:. 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. Code of ethics for accountants and auditors of IFIs. As such, what is so special about this standard? Allow me to share some of the insights that I am able to discover while working on this Shariah standard from day one.

It stnadards essentially meant to be a stand-alone standard in the sense that you can find as many relevant principles of Shariah on gold as possible in one standard. It seems that governabce initial drafters and the AAOIFI sub-committee of the standard have the motivation to compile almost all relevant rulings dealing with gold under this standard.


In other Shariah Standards, many of the Shariah issues, if already covered by other Shariah Standards, will be straight-away referred to that Shariah Standard so that the reader may need to flip through relevant Shariah Standards to get what they need to know.

Multiple Use of Modalities.

Accounting and Auditing Organization for Islamic Financial Institutions

Basic Characteristics of Islamic Investment Modalities. Belief in Divine Guidance.

A Brief Introduction to Islam. Sources of Islamic Finance. Capital, Entrepreneur and Islam. Islamic banks — Current Practices.

Five Main Contracts in Islamic Finance. Option Contract In Islamic Finance. Combination of Musharakah and Mudarabah.

AAOIFI Standards

Mudarabah — Distribution of Profit. Musharakah – Distribution of Profit. Mudarabah as a Mode of Finance. Musharakah as substitute for regular overdraft. Basic Rules of Sale. Cost Calculation in Murabahah. Governabce for Cash and Credit Sales. Default Penalty – An Alternative.

Features of Murabahah Financing. Murabahah as a Mode of Financing.

Rebate on Earlier Payment. Roll Over in Murabahah. Securities against Murabahah Price. Subject Matter of Murabahah. Use of Interest Rate as Benchmark. Constructing a Murabaha deal.

Murabaha in prearranged deals. Rules of Leasing – Ijarah. Ijarah — The Parties. Ijarah as a Mode of Financing. The Commencement of Lease. Insurance of the Assets. Leased Asset – Residual Value.

Assignment of the Lease. Liability in Case of Loss. Penalty – late payment of rent. Ijarah Leasing as a Mode of Finance. Permission of Cash Rent Only. Investment of Unpaid Wages. Profit with Risk of Loss. Conditions of the Contract of Sale. Rights of the Seller.

Sale of Alcholic Drinks. Other Haram Contracts of Sale. Money as Medium of Exchange. Al-Hawala Endorsement of Debt. Remission of the Poor Debtor. Honesty in Public Funds. Prudent Use of Public Funds. Generosity of the Treasurer. Assessment on Public Finance. Economic Effects of Zakat. Philosophy of Economic Development. Negation of Excessive Pursuit of Wealth. Islamic Economics and Economics. Allocation of Risk Through Mudarabah.


An Appraisal of Monetary Policy. An Islamic Perspective on Discounting. Basic Features of Islamic Economics. Behavior of the Producer. Behavioral and Institutional Setting. Capitalist Accumulation or Globalization. Challenges posed by MNCs. Changes Taking Place in Conventional Economics. Characteristics of an Islamic Economy.

Commentary on Monetary Policy in an Islamic Economy. Comments on Current Islamic Banking. Comments on Discounting of in Project Evaluation. Comments on Fiscal Standarrds in an Standwrds Economy. Comments on the Foundations of Taxation Policy. Comments on the Objectives of Fiscal Policy. Comments on the Theory of Fiscal Policy.

Comparison with the Welfare State. Desirable Strategy for Isalmization. Discount Rate in the Theory of Corporation Finance.

Discounting for Public Projects. Discounting Under Uncertainty for a Private Investor. Discussion on Current Islamic Banking. Discussion on Discounting of in Project Evaluation. Discussion on Fiscal Policy in an Islamic Economy. Discussion on Monetary Governanve in an Islamic Economy. Discussion on the Foundations of Taxation Policy.

Accounting Auditing and Governance Standards

Discussion on the Theory of Fiscal Policy. Distinguishing Characteristics of an Islamic Economy. Drawing upon the Legacy. Economic History of Islam.

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