22:48
SAIF CHARTERED ACCOUNTANTS
Auditing body unveils 7 Shariah standards
DUBAI - The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIFI, announced on Wednesday new seven Shariah standards in Dubai.
The new standards include; Financial Rights and its Management, the Regulations
of Liquidity Management, Bankruptcy, Capital and Investment Protection, Agency
in Investment, Calculation of the Profit Transactions and Options of
Trust.
The new standards shall be added to the existing 41 Shariah standards
and the 40 accounting standards which have been announced previously. The event
was organised by Menhaj Advisory, which also discussed the standards with the
Islamic Bank industry practitioners and how to implement the same in their
applications.
Sponsored by leading organisations in UAE including Mawarid Finance, Al
Hilal Bank, Noor Islamic Bank, Arab Insurance Company (Salama), Al Khowarazmi
College, as an academic sponsor; the event was attended by senior Sharia
scholars & Islamic banking and finance professionals.
Dr Abdul Sattar Abu Ghaddah, Chairman, Menhaj Advisory said, “The new
standards come in line with the rapid growth in the Islamic finance industry
and to meet the needs of the Institutions while running their business; and
there are more standards still under process.” Mohamed Al Nueimi, chief
executive officer, Mawarid Finance said: “Mawarid Finance since its inception
has been adopting the standards of AAOIFI in all the applications; sponsoring
this event comes in line with our company goal to play a key role in developing
and supporting the Islamic finance industry.”
The AAOIFI, which was established in 1990 and based in Bahrain, is an
Islamic international independent non-for-profit corporate body that develops
accounting, auditing, governance, ethics and Shariah standards for Islamic
financial institutions and the industry.
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