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To review and amend accounting and auditing standards for Islamic financial institutions; AAOIFI carries out these objectives in accordance with the precepts of Islamic Shari'a which represents a comprehensive system for all aspects of life, in conformity with the environment in which Islamic financial institutions have developed.
The IFSB was founded by "a consortium of central banks" and the Islamic Development Bank in 2002 and began operations on 10 March 2003. [7] [8] The country of its location, Malaysia, passed a special law the same year —the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive.
In addition to the individual Sharia boards that every Islamic financial institution has, there are organizations that have issued guidelines and standards for Sharia-compliance: Accounting and Auditing Organization for Islamic Financial Institutions, [14] Fiqh Academy of the Organisation of Islamic Cooperation, Islamic Financial Services Board ...
The Islamic Financial Services Act 2013 (Malay: Akta Perkhidmatan Kewangan Islam 2013), is a Malaysian law which enacted to provide for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities and the oversight of the Islamic money market and Islamic foreign exchange market to promote financial stability and compliance with Shariah and for ...
While "almost all conservative Sharia scholars" believe derivatives (i.e. securities whose price is dependent upon one or more underlying assets) are in violation of Islamic prohibitions on gharar, [232] [233] [234] global standards for Islamic derivatives were set in 2010, with help of Bahrain-based International Islamic Financial Market and ...
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), has been publishing standards and norms for Islamic financial institutions since 1993. [78] By 2010, it had issued "25 accounting standards, seven auditing standards, six governance standards, 41 shari'ah standards and two codes of ethics."
The Global Islamic Finance Report was the first global publication of its kind. Each annual edition of GIFR has a special theme. Following themes have so far been covered: GIFR 2010: Size and growth of the Islamic financial services industry; GIFR 2011: Islamic financial regulation; GIFR 2012: Islamic philanthropy and social responsibility [1]
A student in finance, management, law or economics aiming to learn about Islamic finance needs this side of legal theory in order to understand the peculiarity of this sector. All the particular aspects of Islamic finance in all these sides (legal, accounting, financial) are based on the legal particularities of contracts in traditional Islamic ...
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