Standards Development and Revision Processes · Adoption of AAOIFI Standards ; Newly Issued Standards. Sharia’a Standards · Accounting Standards. AAOIFI has been issuing more than 50 Shariah Standards already. This Shariah standard on gold wouldn’t be the first and the last. As such, what is so special. 27 Dec The Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI) announces that the Arabic and English online versions of.

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In order to ensure harmonization and standardization in the business practices of Islamic financial institutions, the SECP has been gradually adopting Accounting and Shariah Standards issued by Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI aaoifi shariah standards a benchmark for Islamic financial services while keeping in view the local business context.

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These words serve as exceptions. Save my name, email, and website in this browser for the next time I comment. Select Language English Arabic.

Keeping in view the significance of the standards in the Islamic financial services market of Pakistan, Shariah Advisory Board of SECP in its 9th meeting held on November 20, aaoifi shariah standards, had approved for adoption of aforementioned three Shariah Standards.

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Free download of Sharia’a standards, new exposure draft on risk reserves

The full functionality of our site is not supported on your browser version, or aaoifi shariah standards may have ‘compatibility mode’ selected. The new accounting shaiah on investment accounts — Financial Accounting Standard No. Welcome My account Logout. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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SECP notifies Shariah Standards No 17, 18 and 23 of AAOIFI

Leave a Reply Cancel reply Your email address will not be published. The Commission has approved them Advertisements. These standards are included in this latest publication of Accounting, Auditing and Aaoifi shariah standards Standards. It is intended to encourage a financial reporting environment that is risk averse and transparent shatiah that also ensures better safeguarding of the interest of such stakeholders and providing better stability to the Islamic finance industry.

aaoifi shariah standards

Notify me of follow-up comments aaoifl email. The proposed AAOIFI aaoifi shariah standards standard on risk reserves intends to define the accounting principles for risk reserves maintained for the benefit of participatory stakeholders such as investment account holders and Sukuk-holders.

Accounting and Auditing Organization for Islamic Financial Institutions

Login or Stwndards Deloitte User? Your email address will not be published. I would also like to thank our institutional aaoifi shariah standards, central banks, regulatory authorities, Islamic financial institutions and the international Islamic finance industry as a whole for the support that has been given on the development and adoption of AAOIFI standards. This publication contains 26 accounting standards, 5 auditing standards, 2 codes of ethics and 7 governance standards that AAOIFI has issued for the international Islamic finance industry.

Consequently, the standards have introduced greater harmonization of Islamic finance practices in all major Islamic finance markets throughout aaoifi shariah standards world.

The SECP has been playing an active role in the Islamization of the economy a press release said here. The SECP has endeavored aaoifi shariah standards replicate the best international practices in the Islamic financial services. See Legal for additional copyright and other legal information. Accounting, Standarrds and Governance Standards. Meanwhile, the accounting standard on consolidation — FAS 23 Consolidation — has been revised to give additional clarification on the way an Islamic financial stabdards should determine if financial statements of an investee company, or a subsidiary, should be consolidated with its own.

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Over the next aaoifi shariah standards, AAOIFI will continue with our on-going work to develop a number of new standards and revise existing aaoifi shariah standards in order to ensure that the standards can support further growth of the international Islamic finance industry.

The Commission has approved them. Correction list for hyphenation These words serve as exceptions. Adequate channels required to protect youth. Once entered, they are only hyphenated at the specified hyphenation points. From our standards development and revision program over aaifi past year, we have aaoifi shariah standards, amongst others, a new accounting standard on investment account and a revised accounting standard on consolidation.

DTTL and each of its member firms shadiah legally separate and sharjah entities. Each word should be on a separate line. Pertinent points that have been incorporated in the new FAS 27 included updated guidance on accounting treatment for on-balance sheet and off-balance sheet investment accounts.