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Islamic Finance

Islamic finance body AAOIFI standards now available for free online

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has made all its standards available for free online. 

Previously only its Shariah standards were available online for free in English and Arabic. 

The Bahrain-based industry infrastructure body is now making all its standards -- for Shariah, accounting, governance, auditing and ethics -- both in English and Arabic free to access.

Omar Mustafa Ansari, Secretary General of AAOIFI said in a statement that the availability of standards online especially in the time of COVID-19 will make them accessible to a wide range of stakeholders including regulators and other practictioners in the industry and further assist in the implementation of the standards globally.

AAOIFI has issued a total of 117 standards and technical pronouncements – comprising 59 Shariah standards, 33 accounting standards, 8 auditing standards, 3 codes of ethics and 14 governance standards for the international Islamic finance industry. 

AAOIFI's standards are not binding on Islamic financial institutions but they are adopted as mandatory regulatory requirements in many countries and jurisdictions across the globe such as Bahrain, Jordan, Krygyz Republic, Mauritius, Nigeria, Qatar and Qatar International Financial Centre (QIFC), Oman, Pakistan, Sudan, Syria, United Arab Emirates and Yemen, according to its website. 

The standards can be accessed HERE.

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