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Saturday, 28 January 2017

AAOIFI Publishes English Translation of the Shariah Standard on Gold

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has worked towards completion of the English translation of the standard through the technical and professional mechanism that has been approved to authenticate any translation. This mechanism comprises three phases aimed at ensuring quality and accuracy of the translations. It starts with the translation process, followed by revision of the professional and accurate use of terminologies, and ends with the proofreading process which is conducted by a technical, scientific committee composed of seven experts from five countries. They combine deep-rooted knowledge of both languages with Shari’ah experience and legal, banking and financial background.

This follows the large, positive outcomes seen as a result of launching the Shari’ah standard on Gold and the interaction of the global economic markets, the Islamic financial industry and the research and scientific agencies. More than 250 press and media releases were issued in more than 16 live languages from around the world to ensure the utmost perfection and accuracy which coincides with the AAOIFI international standards.

The Shari’ah standards’ Arabic to English Translation Committee met for two days in the Kingdom of Bahrain for an average of 14 hours to conduct the third phase of the translation, proofreading and revision. As a result, AAOIFI published the approved English translation of the Gold standard.

It is noteworthy that AAOIFI has recently published its Standard No. (57) which deals with the Shari’ah rules on gold in its various forms and classifications, in addition to the applicable Shari’ah controls and the rules of the gold-based financial products developed by financial institutions. It is the first Shari’ah standard of its kind that articulates and sets specific rules for investing and dealing with gold. The Standard was completed through partnership and technical and professional support of the Global Gold Council and Amani Investment Company. This effort involved a long scientific and professional journey with more than 100 hours of meetings of elite experts and scientists from all around the world. This is in addition to the innumerable hours spent on preparation, research, logistic support and technical preparations.
Overall, this enhances AAOIFI’s position, and sets its Shari’ah Board and Shari’ah Standards as the most important global Shari’ah reference for the Islamic financial industry.
The electronic copy of the Shari’ah standard can be accessed by clicking here

Source: AOOIFI's web site/28 January 2017
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