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AAOIFI holds Shari'ah Board meeting in Manama.

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held its Shari'a Board meeting 6-8 November 2014, in Manama, Bahrain. The meeting approved issuances of two new Shari'ah standards- relating to Urboun (Earnest Money) and Conditional Termination of Contracts.

Also approved were revisions to existing Shari'ah standards on Conversion of a Conventional Bank to an Islamic Bank, Hawala, and Murabaha to the Purchase Orderer. Final revisions of these standards had taken into consideration the comments and feedbacks from the international Islamic finance industry, including those received at the public hearing meeting held on 20 October 2014 in Riyadh, KSA.

AAOIFI is also carrying out, amongst others, revision of existing Shari'ah standards on Ijarah and Ijarah Muntahia Bittamleek, Salam and Parallel Salam, Istisna'a and Parallel Istisna'a, Sharika (Musharaka) and Modern Corporations, and Mudaraba. It is seeking comments and feedbacks on these standards from the international Islamic finance community. The next meeting of AAOIFI Shari'ah Board will be held in March 2015 in Madina, KSA.

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Publication:CPI Financial
Geographic Code:7BAHR
Date:Nov 11, 2014
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