Accounting and Auditing Organisation for Islamic Financial Institutions
- Accounting and Auditing Organisation for Islamic Financial Institutions
-
International
An international autonomous non-profit Islamic corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry.
For further information, see the AAOIFI website
Accounting and Auditing Organization for Islamic Finance Institutions
AAOIFI
Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI)
International, USA
Established in 1990, the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), is an independent not-for-profit organization that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry. The AAOIFI has approximately 200 members from 45 countries, including central banks and Islamic financial institutions. The AAOIFI's standards are not binding on its members. However, several countries have adopted their standards and others have issued guidelines based on these standards.
The AAOIFI triggered controversy in 2008 when it claimed that more than 80% of sukuk issued did not comply with Sharia principles and tightened the standards that sukuk must meet to comply with Sharia. However, despite this announcement sukuk are still being issued that may not comply with their strict standards
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
Look at other dictionaries:
Accounting & Auditing Organisation for Islamic Financial Institutions — (AAOIFI) International An international autonomous non profit Islamic corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry. For further inf … Law dictionary
Sukuk — (Arabic: صكوك, plural of صك Sakk, legal instrument, deed, check ) is the Arabic name for a financial certificate but can be seen as an Islamic equivalent of bond. However, fixed income, interest bearing bonds are not permissible in Islam, hence… … Wikipedia
Humayon Dar — Born Muhammad Humayon Abbas Dar 1970 Gakkhar Mandi, Pakistan Residence London, England Occupation Economist Website … Wikipedia
AAOIFI — Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI) International An international autonomous non profit Islamic corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic… … Law dictionary
Muhammad Taqi Usmani — Muhammad Taqi Uthmani Full name Muhammad Taqi Uthmani Born Deoband, India Era Modern era Region Islamic scholar School Deobandi Hanafi Main int … Wikipedia
Law, Crime, and Law Enforcement — ▪ 2006 Introduction Trials of former heads of state, U.S. Supreme Court rulings on eminent domain and the death penalty, and high profile cases against former executives of large corporations were leading legal and criminal issues in 2005.… … Universalium
japan — japanner, n. /jeuh pan /, n., adj., v., japanned, japanning. n. 1. any of various hard, durable, black varnishes, originally from Japan, for coating wood, metal, or other surfaces. 2. work varnished and figured in the Japanese manner. 3. Japans,… … Universalium
Japan — /jeuh pan /, n. 1. a constitutional monarchy on a chain of islands off the E coast of Asia: main islands, Hokkaido, Honshu, Kyushu, and Shikoku. 125,716,637; 141,529 sq. mi. (366,560 sq. km). Cap.: Tokyo. Japanese, Nihon, Nippon. 2. Sea of, the… … Universalium
Certified Management Accountant — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
United Nations — 1. an international organization, with headquarters in New York City, formed to promote international peace, security, and cooperation under the terms of the charter signed by 51 founding countries in San Francisco in 1945. Abbr.: UN Cf. General… … Universalium
