AAOIFIAccounting and Auditing Organization for Islamic Financial Institutions
AAOIFIAccounting and Auditing Organisation for Islamic Financial Institutions
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In its submission to the AAOIFI, CIBAFI expressed its appreciation of the work that the AAOIFI does to maintain sound practices of the IFSI.
Under Dr Merah, however, AAOIFI tackled such issues head on, launching a review of its accounting, auditing and Sharia standards and fast-tracking several new ones.
The AAOIFI Shari'a Standard on Gold, in collaboration with the World Gold Council, comprehensively covers all potential types of gold-based transactions, giving due consideration to practical applications in the global gold market.
The AAOIFI has recently issued four Shariah standards - No.
AAOIFI will hold a meeting in November at which the FAS on Murabaha will be reviewed and adopted.
AAOIFI secretary general Dr Hamad Merah said that as Islamic banking gains momentum across the globe there is a further need for more international harmonisation.
Participating in the event were Shariah-finance professionals from Alinma Bank, AAOIFI and other financial and research institutions from Saudi Arabia and abroad.
Concomitantemente, varios paises, principalmente do Oriente Medio, utilizam as normas contabeis emitidas pela AAOIFI, uma entidade autonoma internacional sem fins lucrativos que emite normas contabeis, de auditoria, de governanca e eticas para instituicoes financeiras islamicas, fundada em 1990, composta por 200 membros institucionais de 45 paises incluindo bancos centrais, instituicoes financeiras islamicas e outros participantes da industria financeira mundial.
The discussion below summarizes the basic principles of Islamic finance, explains the role of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and it compares AAOIFI standards with conventional standards of IFRS and GAAP.
The aim is to provide participants not only with a good all-round knowledge of Islamic finance but also to provide a short course that can be used as a foundation for those wishing to go on to do a more formal AAOIFI qualification.
Today the two came together when AAOIFI Board Member Shaykh Yusuf Talal DeLorenzo, one of the world's leading Islamic finance scholars, endorsed Ethica Institute of Islamic Finance.
Summary: DUBAI - The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIFI, announced on Wednesday new seven Shariah standards in Dubai.