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Saturday, 28 January 2017

Adoption of AAOIFI Standards


Shari’ah Standards
AAOIFI Shari’ah standards have been made part of mandatory regulatory requirement in jurisdictions such as Bahrain, Oman, Pakistan, Sudan, and Syria.
AAOIFI Shari’ah standards have also been adopted by Islamic Development Bank Group, a multilateral institution.
In addition, AAOIFI Shari’ah standards have also been used as basis of national Shari’ah guidelines in jurisdictions such as Indonesia and Malaysia.
In other jurisdictions including Brunei, Dubai International Financial Centre, France, Jordan, Kuwait, Lebanon, Saudi Arabia, Qatar, Qatar Financial Centre, South Africa, United Arab Emirates and United Kingdom as well as in Africa, Central Asia and North America, AAOIFI Shari’ah standards have been used voluntarily as basis of internal guidelines by leading Islamic financial institutions.
Accounting, Auditing, and Governance Standards and Codes of Ethics
Accounting Standards
AAOIFI accounting standards have been made part of mandatory regulatory requirement in jurisdictions such as Bahrain, Jordan, Oman, Qatar, Qatar Financial Centre, Sudan, and Syria.
AAOIFI accounting standards have also been adopted by Islamic Development Bank Group, a multilateral institution.
In addition, AAOIFI accounting standards have also been used as basis of national accounting standards in jurisdictions such as Indonesia and Pakistan.
In other jurisdictions including Brunei, Dubai International Financial Centre, Egypt, France, Kuwait, Lebanon, Malaysia, Saudi Arabia, South Africa, United Arab Emirates and United Kingdom as well as in Africa and Central Asia, AAOIFI accounting standards have been used voluntarily as basis of internal guidelines by leading Islamic financial institutions.
Auditing, Governance and Ethics Standards
AAOIFI auditing, governance and ethics standards are not part of mandatory regulatory requirement for Islamic finance.  Instead, these standards are used voluntarily by leading Islamic financial institutions across all major Islamic finance jurisdictions.

Source: AAOIFI's web site/28 January 2017

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