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Islamic Finance Briefing - Category | Accounting and Audit more

AAOIFI to convene its Annual Shariah conference

Posted on 02 April 2013 by Laxman  |  Email|Print

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will host the the AAOIFI Annual Shari’a Conference on 15 and 16 April 2013 in Manama, Kingdom of Bahrain. The conference will be held under the auspices of the Central Bank of Bahrain.
H. E. Shaikh Ibrahim bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees explained that “The conference will bring to together the leading Shari’a Scholars and Islamic finance industry practitioner from across the globe. The discussions at the conference will help AAOIFI on our standard-setting efforts, and ensure that our standards can continue to support the industry growth and expansion.”……………………………………….Full Article: Source

AAOIFI wins Islamic finance industry award

Posted on 08 March 2013 by Laxman  |  Email|Print

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has been given the award for Most Outstanding Standard Setting Body by Islamic Finance News, an industry publication. The award was presented to AAOIFI at a ceremony in Dubai, United Arab Emirates, recently and accepted by Dr. Khaled R. Al Fakih, Secretary General and CEO of AAOIFI.
Dr. Al Fakih said that “In receiving the award, we are honouring the exceptional work of members of our Shari’a Board as well as Accounting and Auditing Standards Board and their committees in developing and reviewing AAOIFI standards. The award also reflects the tireless effort of the Chairman and members of our Board of Trustees in providing strategic oversight and guidance for AAOIFI operations.” (Press Release)

Ernst & Young signs pact on Shariah certification

Posted on 06 March 2013 by Laxman  |  Email|Print

Ernst & Young signed a working agreement with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to assist in Sharia certification of Core Banking Systems (CBS) used by Islamic banks. On the back of this mandate, Ernst & Young is launching its new Advisory Solution, CBS Sharia Assessment, to assist international and regional technology firms.
The agreement was signed by AAOIFI’s Secretary-General Dr Khaled al Fakih and Essa al Jowder, Office Managing Partner, Ernst & Young Bahrain. The certification programme will assess CBS services to ensure that they conform to the approved global Sharia and accounting standards………………………………………..Full Article: Source

AAOIFI wins Islamic finance industry award

Posted on 06 March 2013 by Laxman  |  Email|Print

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has been given the award for Most Outstanding Standard Setting Body by Islamic Finance News, an industry publication. The award was presented to AAOIFI at a ceremony in Dubai, United Arab Emirates, recently and accepted by Dr. Khaled R. Al Fakih, Secretary General and CEO of AAOIFI .
Dr. Al Fakih said that “In receiving the award, we are honouring the exceptional work of members of our Shari’a Board as well as Accounting and Auditing Standards Board and their committees in developing and reviewing AAOIFI standards. The award also reflects the tireless effort of the Chairman and members of our Board of Trustees in providing strategic oversight and guidance for AAOIFI operations.” (Press Release)

AAOIFI and Ernst and Young to cooperate on Islamic core banking system certification

Posted on 20 February 2013 by Laxman  |  Email|Print

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Ernst & Young have entered into an exclusive agreement to carry out certification of financial software products or core banking systems for Islamic banking and finance industry.
The certification program will see AAOIFI and Ernst & Young working together in benchmarking financial software products or core banking systems against AAOIFI’s Shari’a and Accounting standards. Under the certification program, banking and financial information technology providers will have the opportunity to properly incorporate AAOIFI standards in their products and systems…………………………………….Full Article: Source

Need to streamline Islamic finance industry urged

Posted on 20 December 2012 by Laxman  |  Email|Print

The rapid global growth in Islamic finance means that action must be taken to ensure that the way in which it is reported financially is harmonised and made more consistent, a report, based on a series of high level international roundtables, by KPMG and ACCA (the Association of Chartered Certified Accountants) has concluded.
The report calls on the International Accounting Standards Board (IASB) and the Islamic finance industry to work together to develop guidance and standards and educate the investor community on key issues………………………………………..Full Article: Source

Call for harmonised Islamic financial reporting

Posted on 06 December 2012 by Laxman  |  Email|Print

A new report by the Association of Chartered Certified Accountants (ACCA) and KPMG has called for standard setters and Islamic banks to work together to harmonise financial reporting. ACCA said the rapid global growth in Islamic finance meant that it must be reported in a way that was harmonised and more consistent.
“The report calls on the International Accounting Standards Board (IASB) and the Islamic finance industry to work together to develop guidance, standards and educate the investor community on key issues,” it said in a statement………………………………………..Full Article: Source

AAOIFI is eyeing new reporting standards

Posted on 06 December 2012 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is actively looking at revision of existing standards and to introduce new ones to keep abreast of the challenging requirements of industry in financial reporting.
“In 2012, AAOIFI issued a new standard for investment in real estate which will be effective from January 1,” KPMG Islamic Financial Services partner Mahesh Balasubramanian said………………………………………..Full Article: Source

Standardisation of accounting, auditing, risk management is key focus of AAOIFI World Bank conference in Bahrain, said AAOIFI Secretary Gen. Dr Fakih

Posted on 06 December 2012 by Laxman  |  Email|Print

The focus of the two – day Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) World Bank Annual Conference in Bahrain was on the standardization of Shari’a, accounting, auditing, governance, ethics and risk management for Islamic finance, said Dr Khaled Al Fakih, AAOIFI Secretary General on the sidelines of the AAOIFI World Bank Annual Conference in Bahrain.
In an exclusive to Bahrain News Agency, he said that there were six sessions altogether at the conference, with three session covered on day one. The AAOIFI’s primary objectives is on standardization of Islamic finance practices………………………………………..Full Article: Source

Islamic finance reporting needs consistency, says report

Posted on 28 November 2012 by Laxman  |  Email|Print

Islamic finance reporting requirements need more harmonisation and consistency, according to a report by KPMG and ACCA. Guidance is needed on applying international financial reporting standards (IFRS) when accounting for some Islamic financial products. Further help is needed to deal with the reporting to stakeholders of information on an entity’s Sharia-compliant operations.
The calls follow a series of KPMG and ACCA roundtable discussions, which included representatives of Islamic finance experts, bankers and other finance professionals………………………………………..Full Article: Source

IFC, ISRA aim to set the agenda for the evolution of Shariah auditing

Posted on 18 September 2012 by Laxman  |  Email|Print

A new report by the Islamic Finance Council UK (IFC), a not-for-profit promotional body and the Malaysia-based International Shari’ah Research Academy for Islamic Finance (ISRA), highlights the glaring gap in external Shari’ah audit practice.
Shari’ah audit practices continue to remain an opaque area with varied practices. Recent very public challenges on the Shari’ah authenticity of certain Sukuk structures, exemplify the need to readdress the Shari’ah assurance, governance and certification process………………………………………..Full Article: Source

Global Islamic finance standards come to Australia, Malaysia, Singapore, and New Zealand

Posted on 12 June 2012 by Laxman  |  Email|Print

Ethica Institute of Islamic Finance, the most heavily-enrolled Islamic finance program in the world, will be the first globally recognized institute to bring fully AAOIFI-compliant certification to Australia, Malaysia, Singapore, and New Zealand. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions, the de facto standard for over 90% of the world’s jurisdictions.
“Because of the vast distance between the Gulf and South East Asia, the two regions historically developed their industries quite separately from each other. With Ethica’s 100% online platform, we finally bridge the distance with globally recognized certification that harmonizes standards across regions,” said Ethica’s spokesperson. The institute leads the Islamic finance certification industry with over 20,000 paying users in 44 countries and a network of resellers in 10 countries. (Press Release)

Islamic finance trainers introduce more ‘Shariah standards’

Posted on 25 May 2012 by Laxman  |  Email|Print

The Islamic Finance trainers have introduced seven more Sharia Standards for the Islamic Banks and Institutions in the United Arab Emirates, calling on operators to hold ‘meetings on regular basis’ to meet industry’s growing demand.”
The launch of the standards, which were developed by the Bahrain based premium Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and held at the Grand Hyatt Hotel in Dubai on Wednesday was attended by dozens of financial institutions and trainers………………………………………..Full Article: Source

Effective control of Basel III rules urged

Posted on 24 May 2012 by Laxman  |  Email|Print

“The Basel III rules are almost rendered meaningless without effective supervision. They should be implemented in full on a timely and sustainable basis,” said William Coen, Deputy Secretary General of the Basel Committee on Banking Supervision, Bank of International Settlements (BIS), the group of 27 Governors of Supervisory Authorities that set the rules of the game for international banking.
This is a challenge for any standard-setting body in international financial services, including IOSCO (International Organization of Securities Commissions), IASB (International Accounting Standards Board), IFSB (Islamic Financial Services Board), and AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)………………………………………..Full Article: Source

Auditing body unveils 7 Shariah standards

Posted on 24 May 2012 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIFI, announced on Wednesday new seven Shariah standards in Dubai. The new standards include; Financial Rights and its Management, the Regulations of Liquidity Management, Bankruptcy, Capital and Investment Protection, Agency in Investment, Calculation of the Profit Transactions and Options of Trust.
The new standards shall be added to the existing 41 Shariah standards and the 40 accounting standards which have been announced previously. The event was organised by Menhaj Advisory, which also discussed the standards with the Islamic Bank industry practitioners and how to implement the same in their applications………………………………………..Full Article: Source

Noor backs Islamic finance industry reform

Posted on 24 May 2012 by Laxman  |  Email|Print

Noor Islamic Bank is backing what could be Islamic finance’s biggest shake up in years, lending its support to the announcement of seven new standards from the Middle East’s leading Islamic finance regulator, the Accounting and Auditing Organization for Islamic Financial Institutions ( AAOIFI ).
The new standards govern key areas of Islamic finance, including financial rights and their management, liquidity management; bankruptcy, capital and investment protection, agency investment, calculation of profits transaction and options of trust………………………………………..Full Article: Source

NIB backs AAOIFI’s efforts to reform Islamic finance industry

Posted on 22 May 2012 by Laxman  |  Email|Print

NIB is backing what could be Islamic finance’s biggest shake up in years, lending its support to the announcement of seven new standards from the Middle East’s leading Islamic finance regulator, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The new standards govern key areas of Islamic finance, including financial rights and their management; liquidity management; bankruptcy; capital and investment protection; agency investment; calculation of profits transaction and options of trust………………………………………..Full Article: Source

AAOIFI completes seven new Shariah standards

Posted on 21 May 2012 by Laxman  |  Email|Print

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the finishing of new seven shari’a standards, which shall be added to the existing 41 shari’a standards and the 40 accounting standards which have been announced previously.
Dr. Abdul Sattar Abu Ghaddah, Chairman of Minhaj Advisory; said: “the new standards come in line with the rapid growth in the Islamic finance industry and to meet the Institutions needs while running their business; and there are more standards still under process”. The new standards are: financial rights and its management; the regulations of liquidity management; bankruptcy; capital and investment protection; agency in investment; calculation of the profit transactions; and options of trust. (Press Release)

Islamic repo agreements struggle for traction

Posted on 11 May 2012 by Laxman  |  Email|Print

Islamic repurchase agreements may struggle to gain wide acceptance as a tool for financial institutions because the industry lacks clear rules governing their use, participants at a major industry conference told Reuters.
Liquidity management products such as Islamic repos were one of the main themes at the annual meeting of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in Manama this week………………………………………..Full Article: Source

Islamic finance institutions need to improve auditing

Posted on 10 May 2012 by Laxman  |  Email|Print

Auditors of Islamic financial institutions need better training to make sure they can conduct accurate assessments of products and practices, a major industry conference was told this week.
Internal teams of auditors check whether Islamic banks and other financial firms are obeying religious principles. They work with companies’ boards of scholars, who then issue rulings on whether specific financial instruments and activities comply with Shariah law………………………………………..Full Article: Source

AAOIFI plans reform of takaful standards

Posted on 03 May 2012 by Laxman  |  Email|Print

Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.
“We would like to see insightful debate … that can help us develop standards that can benefit the industry,” Fakih told Reuters, ahead of AAOIFI’s annual meeting on 7 and 8 May………………………………………..Full Article: Source

AAOIFI clarification of media reports

Posted on 03 May 2012 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued clarification of recent news reports. Referring in particular to news carried by Reuters, AAOIFI said, “In particular, Thomson Reuters had included the following sentences in their reports:
AAOIFI plans to improve the operations of sharia boards by strengthening the certification process for scholars, Fakih said………………………………………..Full Article: Source

World Bank MD urges Islamic finance standardisation

Posted on 02 May 2012 by Laxman  |  Email|Print

Lack of standardisation and cohesion in Islamic finance, especially in sukuk products, hinders the growth potential of the industry and deprives the market of an organised structure to facilitate secondary trading and liquidity.
World Bank managing director Dr Mahmoud Mohieldin said promoting standardisation is among the challenges in the Islamic finance landscape and the industry would benefit from more widely accepted benchmarks and indices………………………………………..Full Article: Source

AAOIFI issues 7 shariah standards for Islamic finance

Posted on 02 May 2012 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has introduced new guidelines for applying religious law to finance, as it prepares to launch a sweeping review of the industry.
The seven new standards, which help scholars decide whether financial activities and products conform with sharia law, address issues including financial rights, bankruptcy, capital protection, entrusting money to an agent for investment, and contract termination………………………………………..Full Article: Source

Islamic finance ‘set to face’ its biggest shake-up in years

Posted on 30 April 2012 by Laxman  |  Email|Print

Khaled Al FakihIslamic finance may face its biggest shake-up in years as a top standard-setting body seeks to reform the way the industry does business, including the role of highly paid scholars in enforcing religious principles.
Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), outlined plans for a sweeping review of its guidelines in an interview with Reuters………………………………………..Full Article: Source

Sharia scholar moots agency for standardising Islamic products

Posted on 25 April 2012 by Laxman  |  Email|Print

In light of the ongoing global financial climate, most world markets and sectors continue to be adversely impacted, including the Islamic finance sector, which is currently facing regulatory and practice-related reforms.
report recently published by the Deloitte Middle East Islamic Finance Knowledge Center (IFKC), entitled Empowering Risk Intelligence in Islamic finance: Managing Risk in Uncertain Times addresses and investigates the important issues in practice and regulation in Islamic finance in the current market challenges………………………………………..Full Article: Source

AAOIFI to convene its Annual Shariah Conference

Posted on 19 April 2012 by Laxman  |  Email|Print

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will convene its Annual Shari’a Conference on 7 and 8 May 2012 in Manama, Kingdom of Bahrain. The conference will be held under the patronage of the Central Bank of Bahrain.
AAOIFI is the international body responsible for developing and issuing standards on Shari’a, accounting, auditing, ethics, and governance for the global Islamic finance industry. (Press Release)

Islamic finance pressured to join accounting mainstream

Posted on 10 April 2012 by Laxman  |  Email|Print

Rapid growth of Islamic finance is increasing pressure for the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board (IASB), the global body which sets the tone for book-keeping in conventional finance.
It would be a controversial move - by basing itself on religious principles, Islamic finance seeks to set itself apart from conventional finance. But some experts think the industry is becoming so big that it can no longer sit comfortably outside a trend towards harmonizing accounting rules across the world………………………………………..Full Article: Source

Oman now a full-time member of apex body of Islamic institutions

Posted on 10 April 2012 by Laxman  |  Email|Print

The Malaysia-based Islamic Financial Services Board (IFSB) has approved Oman’s application for a full-time membership in the body, which formulates standards and guidelines for Sharia-compliant financial institutions across the world.
The decision was taken by IFSB board, which met in Kuala Lumpur on March 29. Oman’s stock market and insurance watchdog Capital Market Authority (CMA) represents the country in the body, said a CMA press release………………………………………..Full Article: Source

Malaysian Government to detail Islamic finance parameters

Posted on 05 April 2012 by Laxman  |  Email|Print

Under Malaysia’s Economic Transformation Programme, Entry-Point Project 10 (EPP 10) the Government in Kuala Lumpur will issue Shari’ah parameters on Mudharabah, Musharakah, Ijarah and Istina this year.
EPP 10 has been formulated with the aim of increasing Malaysia’s share of global Islamic banking assets to 13 per cent in 2020 from eight per cent now. The latest Economic Transformation Programme (ETP) Annual Report 2011 released by the Performance Management and Delivery Unit (PEMANDU) also highlights plans for the Islamic Omnibus Act which encompasses licensing framework, supervisory powers, prudential requirements……………………………………….Full Article: Source

Islamic finance accounting changes proposed

Posted on 04 April 2012 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has proposed more detailed accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move by the Bahrain-based AAOIFI, one of the main standard-setting bodies in Islamic finance, suggests it is responding to the same kind of pressure to tighten standards that has been seen in the conventional finance industry since the global financial crisis erupted in 2008………………………………………..Full Article: Source

Standard launched for Islamic profit rate swap

Posted on 29 March 2012 by Laxman  |  Email|Print

Khalid HamadIn an effort to help Islamic financial institutions hedge risk, global standard-setting bodies have launched a standard contract template for Islamic profit rate swaps (PRS).
By exchanging one cash flow for another, PRS function in a similar way to the interest rate swaps (IRS) widely used in conventional financial markets. But they do not use interest rates, which are banned under Islamic principles………………………………………..Full Article: Source

Key Islamic standard for hedging launched

Posted on 29 March 2012 by Laxman  |  Email|Print

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association (ISDA) have launched the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Islamic hedging purposes.
The Mubadalatul Arbaah (MA) standard follows on from the ISDA/IIFM Tahawwut (Hedging) Master Agreement and provides the industry with a framework for Islamic risk mitigation………………………………………..Full Article: Source

The challenge of standardising Shariah compliance

Posted on 05 March 2012 by Laxman  |  Email|Print

With an estimated worth of around $1.1 trillion in global assets, Islamic finance has experienced continuous growth against a backdrop of global economic turmoil affecting conventional markets.
While the appeal to gain exposure to safer and better performing alternatives is strong, the continuing lag in sharia rules harmonisation is putting a dampener on the market’s potential. ……………………………………….Full Article: Source

Is Islamic finance ready for more standardization?

Posted on 03 January 2012 by Laxman  |  Email|Print

As new market participants enter the scene, Shariah banking continues to grow despite the threat of a global recession. But is the industry also progressing in terms of unity and transparency?
When bankers from East and West gathered in Manama at the 18th Annual World Islamic Banking Conference in November 2011, one topic was prevalent at nearly all discussion rounds: standardization………………………………………..Full Article: Source

Al Fakih named AAOIFI secretary general

Posted on 22 December 2011 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced the appointment of Dr Khaled Al Fakih as its new secretary- general. Chairman Shaikh Ebrahim bin Khalifa Al Khalifa said that the appointment had been made after carrying out the due process of selection.
“On behalf of AAOIFI and the board of trustees, I am pleased to welcome Dr Al Fakih to his new role and I am confident that he will steer the organisation to an even stronger position to discharge our responsibilities in developing and issuing standards for the international Islamic finance industry,” he added………………………………………..Full Article: Source

Pakistan: State Bank to develop liquidity framework for IBIs

Posted on 20 December 2011 by Laxman  |  Email|Print

The central bank is currently at an advanced level of development of a comprehensive liquidity management solution for Islamic Banking Institutions (IBIs) following extensive efforts made both by the industry and the State Bank of Pakistan (SBP), the Governor, SBP, Yaseen Anwar has disclosed.
He said that this comprehensive liquidity management solution would include i) development of Islamic interbank money market, ii) development of Islamic Interbank Offered Rate (IIBOR) for use as a benchmark for pricing of Islamic finance products, iii) transformation of a sizeable portion of conventional sovereign debt in the books of central bank into Shariah-compliant debt,……………………………………….Full Article: Source

ISRA embarks on ambitious strategic plan to strengthen its global reach

Posted on 05 December 2011 by Laxman  |  Email|Print

The Kuala Lumpur-based International Shariah Research Academy for Islamic Finance (ISRA), the Shariah research entity of Bank Negara Malaysia, the central bank, has embarked on an ambitious strategic plan for 2012 which focuses on strengthening its global reach, further enhancing the quality of its activities and increasing its connectivity with market players and industry stakeholders.
Since its establishment in 2008 with the vision of becoming “the Premier Shariah Research Centre in Islamic Finance”, ISRA has lived in the shadows of its sister organization INCEIF (the International Centre for Education in Islamic Finance), the Islamic finance education arm of Bank Negara Malaysia, which has assumed a much higher and aggressive profile………………………………………..Full Article: Source

Islamic accounting standards in Kenya

Posted on 14 November 2011 by Laxman  |  Email|Print

The national body in charge of accountants in Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK), wants Islamic finance institutions to take responsibility for upgrading the skills level among their staff to ensure that accounting standards in Shari’ah compliant companies are up to international financial reporting standards.
“It’s a question of expanding the knowledge and skills gap for accountants to appreciate Islamic finance processes because the accounting standards remain the same,” said Caroline Kigen, CEO of ICPAK………………………………………..Full Article: Source

AAOIFI to look to develop Islamic finance standards

Posted on 02 November 2011 by Laxman  |  Email|Print

With no single interpretation of Islamic law, differences in rulings between scholars over whether products are sharia-compliant has led to a lack of standardisation in the industry. Resolving this issue is key to bringing about greater efficiency, transparency and cohesion – ultimately helping to raise the curtain for more Islamic business, says AAOIFI deputy secretary general Khairul Nizam.
Established as an industry body responsible for international Islamic finance standards on sharia, accounting, auditing, governance and ethics, Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plays an important role in promoting standardisation and harmonisation of Islamic finance practices………………………………………..Full Article: Source

Mena banks back impairment accounting plans

Posted on 29 August 2011 by Laxman  |  Email|Print

Majority of the banks in the Middle East and North Africa region expect impairment accounting proposals to improve financial statements, according to a survey by leading audit firm Deloitte.
The Mena-headquartered banks believe that International Financial Reporting Standards (IFRS 9) impairment accounting proposals will boost financial statements compared to those prepared using the current IAS 39 rules, said the new Deloitte inaugural global banking IFRS 9 impairment survey……………………………………….Full Article: Source

CIMA launches Islamic finance qualification

Posted on 13 July 2011 by Laxman  |  Email|Print

The Chartered Institute of Management Accountants (CIMA) has launched an Advanced Diploma in Islamic Finance, aimed at encouraging more people to enter the field. The qualification, which was designed in consultation with a number of sharia experts, looks to create a global programme of study in the area.
The intention is to move away from the existing regional approaches which stem from the differing interpretations of Islamic finance between scholars, particularly between those in the Middle East and South East Asia……………………………………….Full Article: Source

Islamic banking: Features of accounting

Posted on 11 July 2011 by Laxman  |  Email|Print

Now-a-days accountancy has become an important academic and professional discipline as the lingua franca or language of business. As such in the real life industrial scenario, accounting has become the vital part of the top management.
Although it is not a language of mass people, by this time some of the accounting knowledge has become the part of general knowledge, at least as a common business language. For example, study or observation of annual report of any company is a matter of common interest for any stakeholder from any discipline……………………………………….Full Article: Source

KPMG, CIMA fly the flag for Islamic finance

Posted on 08 July 2011 by Laxman  |  Email|Print

KPMG AND CIMA have drawn attention to the burgeoning field of Islamic finance of late, as the firm has appointed a new global head and the institute today launched a new qualification.
The primary difference between Islamic finance and its western counterpart is that, under Shariah law, earning interest is illegal. To get around this, complex structures are put in place that allow lenders to profit from their capital; this can be problematic in western markets, though, because products are often penalised by tax regimes……………………………………….Full Article: Source

Since 2012 Turanbank to start rendering services on Islamic banking standards

Posted on 22 June 2011 by Laxman  |  Email|Print

Azerbaijani banks expand involvement in the process of activity on Islamic banking principles. Chairman of Turanbank’s Supervisory Board Fuad Musayev has reported that at present tender phase is underway for selection of the consultant on introduction of Islamic banking’s “window”.
” We have already given requests to potential consultants and expect their answers which we will evaluate and make a choice. In parallel national legislation analysis is ongoing “,- F. Musayev said. The bank sees Bahrain, Great Britain or Malaysian companies as its consultants……………………………………….Full Article: Source

MAS throws weight behind IFSB

Posted on 13 June 2011 by Laxman  |  Email|Print

Singapore has been a bit of a quiet achiever in the Islamic finance scene overall but the Monetary Authority of Singapore fairly shone in the first session of the IFSB Seminar on Strategies for Development of Islamic Capital Markets held in Singapore.
Tai Book Leong, the executive director of MAS, gave a robust opening speech that offered a précis of Singapore’s achievements in Islamic finance to date, from the MAS Sukuk through to the SABANA REIT and a run-down of Singapore’s success in linking its leadership role in management education to Islamic finance education - all of which bodes well for the future………………………………………Full Article: Source

Gulf states plan supreme Shariah council for banks

Posted on 10 June 2011 by Laxman  |  Email|Print

Gulf states are working towards the creation of a single Sharia board for the region’s Islamic financial institutions, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC’s Sharia committee and chairman of the Sharia Coordination Committee of the Islamic Financial Institutions in the UAE.
Speaking at the launch of Hawkamah Institute’s policy brief on corporate governance of Islamic banks and Islamic financial institutions, Hassan said creation of a supreme Sharia council will help in co-ordinating the rulings of various Sharia councils and supervisory boards in the region and will reduce the possibility of differences………………………………………..Full Article: Source

Gulf states plan to have united Shariah council by 2021

Posted on 09 June 2011 by Laxman  |  Email|Print

Gulf Arab states may have a single Shariah board for the region’s Islamic financial institutions in five to 10 years, a Shariah scholar said in Dubai today.
A “supreme Shariah council” will help reduce the cost of issuing sukuk and boost Islamic services offered by financial institutions that comply with the religion’s ban on interest, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC (DIB)’s Shariah committee………………………………………..Full Article: Source

Gulf Islamic finance eyes single sharia board

Posted on 09 June 2011 by Laxman  |  Email|Print

The Islamic finance industry in the Gulf is moving towards a centralised sharia board as scholars from leading countries join a common United Arab Emirates entity, a leading Islamic scholar said.
The United Sharia Board, which began drawing scholars from local Islamic institutions two years ago, now has two members from Saudi Arabia and one scholar each from Kuwait and Qatar, Scholar Hussein Hamid Hassan said at the launch of a policy briefing on corporate governance in Islamic finance………………………………………..Full Article: Source

AAOIFI convenes its Annual Shariah Conference

Posted on 02 June 2011 by Laxman  |  Email|Print

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is hosting its Annual Shari’a Conference, under the auspices of the Central Bank of Bahrain (CBB), on 30th and 31st May 2011 at the Gulf Convention Centre, Gulf Hotel, Manama, Kingdom of Bahrain.
“This Conference, which is a premier event for the international Islamic finance industry, brings together leading Shari’a scholars, senior representatives of regulatory authorities, and senior Islamic finance practitioners. There are important industry issues that need to be discussed and addressed so that Islamic finance industry can be in a stronger position to realise its full potential. Discussion at the conference will also help AAOIFI in our effort to review and develop international Islamic finance standards.” said Dr. Mohamad Nedal Alchaar, Secretary General, AAOIFI. (Press Release)

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