UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

What is AAOIFI?

 

AAOIFI stands for Accounting and Auditing Organization for International Financial Institutions and is based in Manama, Bahrain.

“The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’ah standards for Islamic financial institutions and the industry. Professional qualification programs (notably CIPA, the Shari’ah Adviser and Auditor “CSAA,” and the corporate compliance program) are presented now by AAOIFI in its efforts to enhance the industry’s human resources base and governance structures.

AAOIFI has gained assuring support for the implementation of its standards, which are now adopted in the Kingdom of Bahrain, Dubai International Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria. The relevant authorities in Australia, Indonesia, Malaysia, Pakistan, Kingdom of Saudi Arabia, and South Africa have issued guidelines that are based on AAOIFI’s standards and pronouncements.”

http://www.aaoifi.com/aaoifi/

Certifications Offered by AAOFI:

  1. Certified Islamic Professional Accountant (CIPA) http://www.aaoifi.com/aaoifi/pdf%20forms/CIPA%202011.pdf
  2. Certified Sharia’h Advisor and Accountant http://www.aaoifi.com/aaoifi/pdf%20forms/CSAA%202011.pdf

“The objectives of AAOIFI are:

1.  to develop accounting and auditing thoughts relevant to Islamic financial institutions;

2.  to disseminate accounting and auditing thoughts relevant to Islamic financial institutions and its applications throught raining, seminars, publication of periodical newsletters, carrying out and commissioning of research and other means;

3.  to prepare, promulgate and interpret accounting and auditing standards for Islamic financial institutions; and

4.  to review and amend accounting and auditing standards for Islamic financial institutions.

AAOIFI carries out these objectives in accordance with the precepts of Islamic Shari’ah, which represents a comprehensive system for all aspects of life, in conformity with the environment in which Islamic financial institutions have developed. This activity is intended both to enhance the confidence of users of the financial statements of Islamic financial institutions in the information that is produced about these institutions and to encourage these users to invest or deposit their funds in Islamic financial institutions and to use their services.”

http://www.aaoifi.com/aaoifi/

Key Publications of AAOFI including Accounting, Auditing & Governance Standards (for Islamic Financial Institutions) and Shari’ah Standards; Standards Under Development and Standards that Have Been Developed.

http://www.aaoifi.com/aaoifi/Publications/KeyPublications/tabid/88/language/en-US/Default.aspx

IFRS v AAOIFI: The Clash of Standards?

http://mpra.ub.uni-muenchen.de/12539/1/MPRA_paper_12539.pdf

AAOIFI to Start Screening  Islamic Finance Products to Ensure Shari’ah Compliance in 2010

http://www.arabianbusiness.com/aaoifi-start-islamic-finance-screening-in-2010-40549.html

UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

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