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07.02.2017

GCC VAT a test for Islamic Finance- Fitch


30.01.2017

Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


31.03.2016

Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


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"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


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Azerbaijan looks to new Islamic bank as sector rules progress


15.01.2016

Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


14.12.2015

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Recent Comments

22.06.2016

Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.

25.11.2015

Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.

14.09.2015

Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

AAOIFI Issues New Accounting Standard on Investment Accounts

05.01.2015

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a new accounting standard on investment accounts – Financial Accounting Standard No. 27 (FAS 27) Investment Accounts.
AAOIFI Issues New Accounting Standard on Investment Accounts
The new FAS 27 updates and replaces two of AAOIFI 's previous accounting standards relating to investment accounts - FAS 5 Disclosure of Bases for Profit Allocation between Owners' Equity and Investment Account Holders as well as FAS 6 Equity of Investment Account Holders and Their Equivalent.

This standard applies to investment accounts based on Mudaraba contracts which represent «equity of investment accountholders and on Mudaraba contracts that are placed on «short term basis» (overnight, seven days, one month basis) by other financial institutions as «interbank-bank deposits» for the purpose of liquidity management. However, it is not applicable to own equity instruments, wakala contracts, reverse murabaha, musharaka or sukuk.

Dr Hamed Hassan Merah, Secretary General of AAOIFI said that the new standard was developed through extensive consultation with the international Islamic finance industry. The standards development process (the due process) was carried out through up to thirteen stages, commencing with the commissioning of consultants who prepared the exposure drafts and concluding with the official inssuance and publication. One of the essential stages is the public hearing which is designed to gather and gauge the opinions and views of experts and practitioners from the broader Islamic finance industry. He added, «AAOIFI is currently working on revision of a number of existing standards and developing new ones in order to give better support to the industry».

The new standard will be included in the next publication of AAOIFI standards scheduled for early 2015.

About AAOIFI

AAOIFI , established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 88 standards in the areas of Shari'a, accounting, auditing, ethics and governance for international Islamic finance. It is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.

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