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Islamic Finance Briefing - Category | Accounting and Audit more

AAOIFI forum a big success

Posted on 02 June 2011 by Laxman  |  Email|Print

Around 400 delegates from more than 20 countries from as far afield as South Africa, North Africa, Asia and Europe took part in this year’s Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) annual conference.
That was roughly the same turnout as last year’s event suggesting that interest in the conference has not been affected by worries by the recent unrest in the kingdom, according to AAOIFI deputy general secretary Khairul Nizam……………………………………….Full Article: Source

Shariah standards ‘essential for Islamic finance growth’

Posted on 01 June 2011 by Laxman  |  Email|Print

Shaikh Ebrahim bin Khalifa Al Khalifa Sharia standards are essential to Islamic finance because they promote harmonisation of international standards, enhance users’ confidence and encourage growth in demand. That was the message from Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) chairman Shaikh Ebrahim bin Khalifa Al Khalifa.
“Most importantly, Sharia standards provide clarity to the industry on rules and principles that must be incorporated into Islamic financial operations so as to ensure full compliance with Sharia principles,” he said……………………………………….Full Article: Source

Islamic finance industry expands into new markets

Posted on 01 June 2011 by Laxman  |  Email|Print

Dr Mohammad Nedal AlchaarIn his nine years as secretary general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Dr Mohammad Nedal Alchaar has seen massive changes and developments in the industry.
“What the Islamic finance industry needed back then was to develop international financial standards and AAOIFI has gone a long way to achieving this with Islamic finance now not only growing across the Muslim world but developing in the West because of its efficient practice and strong regulatory standards,” he said……………………………………….Full Article: Source

KHCB backs accounting summit

Posted on 01 June 2011 by Laxman  |  Email|Print

Khaleeji Commercial Bank (KHCB), a leading Bahrain-based Islamic retail bank, has announced its platinum sponsorship of a major accounting and auditing conference held recently in Bahrain.
The AAOIFI’s (Accounting and Auditing Organisation for Islamic Financial Institutions) 10th annual conference was held under the patronage of Rasheed Al Maraj, Governor of Central Bank of Bahrain……………………………………….Full Article: Source

Experts find ways to boost financial reporting by IFIs

Posted on 13 May 2011 by Laxman  |  Email|Print

A roundtable meeting of senior bank officials and finance professionals held in Dubai has come up with a number of recommendations on how to strengthen financial reporting by Islamic financial institutions (IFI).
The meeting, one of a series organised by Big Four accounting firm KPMG and ACCA (the Association of Chartered Certified Accountants), was intended to develop recommendations that can be presented to the International Accounting Standards Board (IASB) on whether to develop specific guidance or a separate financial reporting standard for Islamic financial institutions………………………………………Full Article: Source

In search for a global standard in Islamic banking

Posted on 08 April 2011 by Laxman  |  Email|Print

Khalid Ferdaus HowladarIslamic banking is growing rapidly in the aftermath of the global financial crisis, but it desperately needs a global set of standards that every country and institution accepts. Speaking to the Hürriyet Daily News in Istanbul, an expert says the Turkish Central Bank might ‘take the lead’ in this effort. ‘Risk has no religion,’ says Khalid Ferdaus Howladar of Moody’s, adding that he likes the Turkish term ‘participation bank’

Noting the often-contradictory interpretations of the principles of Islamic banking, Khalid Ferdaus Howladar, the vice president and senior credit officer of Moody’s in the Middle East, suggested that the Turkish Central Bank might “take the lead” in establishing a global standard that would help Islamic banking become more transparent……………………………………..Full Article: Source

Islamic banking: A gross accounting misnomer

Posted on 08 April 2011 by Laxman  |  Email|Print

Islamic banks extend investment (Credit/ Loans & Advances) under different modes. Under trading modes they can sell commodities on credit to its clients at a profit over cost price. Our topic would be to talk about their recording procedure thereon.
As usual, a sale in the book of bank is recorded in the name of the purchaser in the form of respective investment account, say, Murabaha (Muajjal) for the sale price. Bank records it to the debit of the concerned investment account with corresponding 2 entries, separately for cost price and the profit ……………………………………..Full Article: Source

Turkey: In search for a global standard in Islamic banking

Posted on 07 April 2011 by Laxman  |  Email|Print

Islamic banking is growing rapidly in the aftermath of the global financial crisis, but it desperately needs a global set of standards that every country and institution accepts. Speaking to the Hürriyet Daily News in Istanbul, an expert says the Turkish Central Bank might ‘take the lead’ in this effort.
‘Risk has no religion,’ says Khalid Ferdaus Howladar of Moody’s, adding that he likes the Turkish term ‘participation bank’…………………………………….Full Article: Source

Sri Lanka: Two leading professional bodies collaborate to deliver Islamic Banking and Finance programme

Posted on 24 March 2011 by Laxman  |  Email|Print

The Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) are jointly organising a programme on Islamic Finance and Banking on 28 March 2011.
‘Islamic finance, despite its name, is not a religious product. It is however a growing series of financial products developed to meet the requirements of a specific group of people.’………………………………………Full Article: Source

Sri Lanka lawyers, accountants promote Islamic finance

Posted on 21 March 2011 by Laxman  |  Email|Print

Top organizations representing Sri Lanka’s lawyers and accountants have brought together experts in Islamic finance to broaden understanding of one of the faster growing niches in the financial sector.
The Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) said they are hosting program on Islamic Finance and Banking on March 28……………………………………….Full Article: Source

Qatar’s move on Islamic banks aimed at standardization

Posted on 09 February 2011 by Laxman  |  Email|Print

From Zawya Dow Jones: Qatar’s decision to prohibit conventional banks in the gas-rich Gulf state from operating an Islamic business from next year could bring more clarity and standardization to an industry that is often criticized for lacking both, and inspire other regulators across the region to implement similar measures.
Senior bankers in Qatar said they were taken by surprise by a central bank directive issued earlier in February ordering conventional banks to shut down their Islamic operations by the end of 2011, only six years after receiving the watchdog’s approval to introduce them……………………………………….Full Article: Source

Setting the standards for Islamic finance

Posted on 02 February 2011 by Laxman  |  Email|Print

From Zawya.com: Professor Datuk Rifaat Ahmed Abdel Karim received the award for Outstanding Contribution to the Industry at the 2010 Islamic Business & Finance Awards. He spoke with Robin Amlôt about the development of the Islamic Financial Services Board and the outlook for Islamic finance.
The Islamic Financial Services Board is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors……………………………………….Full Article: Source

Derivatives sales by CIMB spur global standards: Islamic finance

Posted on 21 January 2011 by Laxman  |  Email|Print

From Bloomberg: The leading Islamic finance standard-setting body is working on global rules for Shariah- compliant structured products to make them acceptable across borders as banks start selling more derivatives.
The International Islamic Financial Market, based in Manama, Bahrain, is developing a common template for hedging instruments such as currency swaps, Ijlal Ahmed Alvi, the agency’s chief executive officer, said……………………………………….Full Article: Source

Pearson VUE to deliver Certificate in Islamic Finance assessment on behalf of Chartered Institute of Management Accountants

Posted on 17 January 2011 by Laxman  |  Email|Print

The Chartered Institute of Management Accountants (CIMA), the world’s leading and largest professional body of management accountants, has selected Pearson VUE to deliver assessment for its Certificate in Islamic Finance via computer-based testing.
The certificate, a self-study distance-learning qualification, is the first offered by a professional chartered management accounting institute to focus on the rapidly growing Islamic finance sector……………………………………….Full Press Release: Source

Basel III in support of the Islamic banking principal

Posted on 23 December 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: The Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, announced a substantial strengthening of existing capital requirements and fully endorsed the agreements it reached on 26 July 2010.
These capital reforms, together with the introduction of a global liquidity standard, deliver on the core of the global financial reform agenda and will be presented to the Seoul G20 Leaders summit in November……………………………………….Full Article: Source

Standardisation key for the growth of Islamic banking, says Capinnova Investment Bank

Posted on 21 December 2010 by Laxman  |  Email|Print

From Cpifinancial.net: CEO of Capinnova Investment Bank, Jamal Hijres, strongly believes that standardisation of the ‘Islamic banking policies, procedures and regulatory framework’ on a global level is important to propel the growth of Islamic banking across geographies.
“An important effort towards achieving international consistency was the creation of two multilateral institutions: the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI),………………………………………Full Article: Source

Expert calls for setting up Islamic finance watchdog

Posted on 20 December 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Standardisation of the Islamic banking policies, procedures and regulatory framework on a global level is important to propel the growth of the industry. That is the view of BBK investment banking arm Capinnova Investment Bank chief executive officer Jamal Hijres.
“An important effort towards achieving international consistency was the creation of two multilateral institutions, the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board……………………………………….Full Article: Source

Are Shariah advisories becoming an endangered species?

Posted on 13 December 2010 by Laxman  |  Email|Print

From Arabnews.com: Reports that the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is in the process of drafting rules to regulate the shareholdings and the number of supervisory boards individual Shariah advisories can sit on will open one of the most contentious issues in contemporary Islamic finance.

Not that the issue is new. There have been calls for the registration of Shariah advisories for the last two decades — not by an industry Shariah body but by the regulators in the country in which they are based and in those countries in which they offer advisory services…………………………………….Full Article: Source

Islamic finance: Move to improve accounting standards

Posted on 08 December 2010 by Laxman  |  Email|Print

From Arabnews.com: In the wake of the global financial crisis, it is not surprising that accounting and reporting standards, transparency and disclosure have been as much on the agenda as risk management, capital adequacy, stress testing and financial stability.
Islamic finance, now being an acknowledged part of the global financial system and gaining increased acceptability, similarly needs to strengthen the accounting, financial reporting, auditing and disclosure standards within the industry……………………………………….Full Article: Source

AAOIFI standards ‘vital for Islamic finance’

Posted on 03 December 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: The standards set up by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) have become the core of the re-engineering process of Islamic finance. They provide the basis for innovation within the framework of Islamic teachings, Housing Minister and AAOIFI chairman Shaikh Ibrahim bin Khalifa Al Khalifa said.
“Ultimately this will hopefully enhance users’ confidence in Islamic practices and encourage growth of demand,” he said……………………………………….Full Article: Source

AAOIFI signs key deal with bank

Posted on 02 December 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced that it had entered into an agreement with Bahrain Islamic Bank to certify the contracts used by the bank.
“The certification by AAOIFI of the financial contracts of Bahrain Islamic Bank is part of services offered by AAOIFI under Contract Certification Programme, which aims to regulate the process of certification of contracts entered into by Islamic financial institutions with their customers to ensure that such contracts fully comply with the provisions and principles of Sharia,” said AAOIFI secretary general Mohammed Nedal Alchaar……………………………………….Full Article: Source

Islamic body to revamp capital rules

Posted on 01 December 2010 by Laxman  |  Email|Print

From Maktoob.com: The Islamic Financial Services Board, an association of regulators in Muslim countries, will revise its rules next year to enhance sharia banks’ capital in line with Basel III reforms, its secretary-general said.
Rifaat Ahmed Abdel Karim said IFSB would seek its council’s approval in December to begin work next year on amending the regulations, with the process expected to be completed around 2013……………………………………….Full Article: Source

Swift Murabaha wins AAOIFI certification

Posted on 26 November 2010 by Laxman  |  Email|Print

From Bernama: SWIFT’s ISO 15022 message standards for the processing of treasury Murabaha transactions have been certified compliant with the international Islamic finance standards issued by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
In a statement here Thursday, SWIFT said the certification would pave the way towards the automated processing of Murabaha treasury transactions, which reportedly represented 60 per cent of all Islamic financing……………………………………….Full Article: Source

SWIFT Sharia compliant for murabaha

Posted on 25 November 2010 by Laxman  |  Email|Print

From Theasset.com: SWIFT has announced that ISO 15022 message standards for the processing of treasury murabaha transactions have been certified compliant with the international Islamic finance standards issued by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).
This certification paves the way towards the automated processing of murabaha treasury transactions, said to represent 60 percent of all Islamic financing……………………………………….Full Article: Source

Islamic finance: De-linking from conventional benchmarks

Posted on 23 November 2010 by Laxman  |  Email|Print

From Btimes.com.my: Until Islamic finance can have its own set of syariah-compliant benchmarks for investing and financing, the criticism of dependence to conventional finance will continue. But, if Islamic finance is eventually deemed “conventionally efficient”, then Islamic benchmarks should have same returns/value, but the means to the ends would be different.
The cross sell of Islamic finance to non-Islamic investors, investing or financing, is, at minimum, about market performance. However, to many Islamic investors, it must not only outperform Islamic indexes, but also conventional benchmarks……………………………………….Full Article: Source

IFAAS advisory services launches in Bahrain

Posted on 22 November 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Islamic Finance Advisory & Assurance Services (IFAAS) has opened a Gulf office in Bahrain to serve the growing demand for Islamic finance expertise and knowledge with European service standards
IFAAS, the European Islamic finance consultancy, has announced the opening of its Gulf office in Manama, Bahrain. The new office is located in Manama’s Bahrain Financial Harbour……………………………………….Full Article: Source

CFOs urged to be ‘corporate navigators’

Posted on 17 November 2010 by Laxman  |  Email|Print

From Accountingweb.co.uk: More than 6,000 accountants gathered in Kuala Lumpur over the weekend to discuss topics ranging from the economic crisis to the role of audit, international accounting standards, governance and Islamic finance.
The final plenary session Accountants in the next decade drew together a panel of executives from the ICAEW, ACCA, CIMA and US and Australian accountancy bodies presented their vision of the future……………………………………….Full Article: Source

Role and support of accounting profession important for Islamic finance

Posted on 11 November 2010 by Laxman  |  Email|Print

From Bernama: The role and support of the accounting profession and standards setters will become more important as the Islamic finance industry continues to grow and expand beyond domestic boundaries.
Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz said, applying the existing accounting frameworks and conventions to Islamic financial institutions may prove to be more challenging, given the unique features of Islamic financial transactions such as the equity based and profit sharing contracts……………………………………….Full Article: Source

Shariah body issues 11 new standards

Posted on 02 November 2010 by Laxman  |  Email|Print

From Emirates247.com: Dubai-based Shariah consultancy Minhaj Sharia’h Financial Advisory and Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI) have launched a set of 11 new Shariah standards that will help regional and global Islamic financial institutions tackle contemporary issues of banking, finance and investment.

The new standards stipulate Shariah-compliant ways to sort out issues arising from uncertainty (gharar) in financial transactions and arbitration, endowment (waqf), labour leasing (ijarah), zokah, contingent obligation, credit facilities, online financial transactions, pledge (rahn), investment accounts and profit distribution, and Islamic reinsurance…………………………………….Full Article: Source

Minhaj, AAOFI launch new Shariah standards

Posted on 01 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Dubai-based Minhaj Sharia’h Financial Advisory and Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI) have launched a set of 11 new Sharia’h standards for Islamic financial institutions.

Commenting on the launch, Minhaj and AAOFI said these Sharia’h standards will help FIs tackle contemporary issues of banking, finance and investment…………………………………….Full Article: Source

Sukuk roadblocks may rise with national boards

Posted on 29 October 2010 by Laxman  |  Email|Print

From Bloomberg: The plan to create national Shariah boards to oversee sukuk sales is drawing criticism from bankers and lawyers who say the groups would increase bureaucracy in the $1 trillion Islamic finance industry.
The Accounting & Auditing Organization for Islamic Financial Institutions, a leading global regulator, is in the final stages of a plan recommending governments appoint panels of scholars and experts at the national level to rule whether products comply with the religion’s tenets, Mohamad Nedal Alchaar, secretary-general of the Manama, Bahrain-based body, said………………………………………Full Article: Source

Regional mandatory sharia finance body “years away”

Posted on 12 October 2010 by Laxman  |  Email|Print

From Reuters: The formation of a Gulf-wide sharia council with the mandate to set industry rules, rather than just issue guidelines in its present form, is still “years away”, a senior executive at regulatory body AAOIFI on Monday.
Speaking on the sidelines of an industry conference, Assistant Secretary General Khairul Nizam said few expect such a centralised sharia council to be in place before 2013……………………………………….Full Article: Source

Russia Islamic finance push is probed

Posted on 04 October 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: As part of its efforts to promote Islamic finance around the world, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) secretary-general Dr Mohamad Nedal Alchaar, and the Grand Mufti of the Shura Council of Russian Muftis, met in Moscow with the Russian Association of Experts in Islamic Finance.
The purpose of the meeting was to enhance the prospects of the development of Islamic financial institutions and products in Russia and the application of AAOIFI standards to regulate them……………………………………….Full Article: Source

AAOIFI meets with representatives of Russian Bankers Association

Posted on 01 October 2010 by Laxman  |  Email|Print

As part of its efforts to promote Islamic finance around the world, the Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Mohamad Nedal Alchaar, together with representatives of the Ministry Finance, the Central Bank and the Grand Mufti of the Shura Council of Russian Muftis, has met in the Russian capital Moscow with the Russian Association of Experts in Islamic Finance.
The purpose of the meeting was to enhance the prospects of the development of Islamic financial institutions and products in Russia and the application of AAOIFI standards to regulate it……………………………………….Full Press Release: Source

Patchy scholar oversight makes global Shariah authority unlikely

Posted on 30 September 2010 by Laxman  |  Email|Print

From Themalaysianinsider.com: The idea that syariah advisors are subject to supervision is not exactly something new. At the international level, for example, the Auditing and Accounting Organisation of Islamic Financial Institutions (AAOIFI) in Bahrain already publishes a syariah standard on stipulations and ethics of fatwa (Islamic law ruling) for Islamic financial institutions as well as several governance standards on the role of syariah supervisory boards (currently being reviewed by AAOIFI).
The Islamic Fiqh Academy of the Organisation for Islamic Conference in Saudi Arabia in April 2009 issued a resolution on syariah supervision for Islamic banks, while the Islamic Financial Services Board in Malaysia in December 2009 published a standard on syariah governance systems for Islamic financial institutions……………………………………….Full Article: Source

New key AAOIFI standards: Contemplation option, defects option and honesty option

Posted on 29 September 2010 by Laxman  |  Email|Print

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari’a standards for the Islamic banking and finance industry, issued three new Shari’a standards, namely “Contemplation Option”, “Defects Option” and “Honesty Option”.
Commenting on the issue of these new standards, Secretary General of AAOIFI Dr. Mohamad Nedal Alchaar said that “The adoption of these new standards by AAOIFI Shari’a Board came after careful and indepth study in the same way as all other AAOIFI Shari’a standards are reviewed and assessed before issuance. The purpose of these standards is to seek setting Shari’a requirements and rules for the different modes of investment, insurance and financial services and provide interepretation for such requirements and rules”……………………………………….Full Press Release: Source

Call to tighten Sharia finance rules

Posted on 24 September 2010 by Laxman  |  Email|Print

From Thenational.ae: Islamic finance needs more regulation to boost the detection of risk and restore its reputation after a series of financial troubles within the industry’s GCC heartland, says Deloitte & Touche.
A “sizeable” number of Sharia-compliant financial companies were not following industry best practices, the international accounting company found in a survey of the Middle East……………………………………….Full Article: Source

New scholar rules for Islamic finance

Posted on 03 August 2010 by Laxman  |  Email|Print

From Maktoob.com: The Islamic finance standard-setting body AAOIFI said it would overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny.
The emerging Islamic finance industry is governed by national regulators and Islamic scholars interpreting Islamic law, or sharia. Interpretations can vary and critics of the industry say there is little transparency in scholars’ rulings……………………………………….Full Article: Source

AAOIFI issues new accounting standards

Posted on 02 August 2010 by Laxman  |  Email|Print

From Ameinfo.com: Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance, has issued two new accounting standards and one new accounting guidance note.
Issuance of the new accounting standards and guidance note was approved by AAOIFI Accounting and Auditing Standards Board in its meeting held last week on 22 July 2010 in Dubai, United Arab Emirates……………………………………….Full Article: Source

TAG-Org and CIMA to launch first global Arabic certificate in Islamic finance from a professional chartered accountancy body

Posted on 26 July 2010 by Laxman  |  Email|Print

From Albawaba.com: The Talal Abu-Ghazaleh CIMA Academy hosted the global launch of the CIMA (Chartered Institute of Management Accountants) Certificate in Islamic Finance in Arabic in Amman on July 22nd at Talal Abu-Ghazaleh Forum/Talal Abu-Ghazaleh College of Business. The launch of the Arabic certificate marks a major step forward for the Islamic finance industry – it is the first global qualification of its kind to be offered by a professionally chartered accountancy body.

Meanwhile, the two bodies will also cooperate in the Global Business Challenge; a competition in the business field provided by CIMA and will be represented in the Arab region through Talal Abu-Ghazaleh College of Business……………………………………..Full Article: Source

Standardisation of practices critical to growth of Islamic Finance

Posted on 19 July 2010 by Laxman  |  Email|Print

From Gulfnews.com: With Islamic finance gaining ground globally, the need for international standards has gained importance. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is in the forefront of these effort.
The Islamic international autonomous not-for-profit corporate body prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry……………………………………….Full Article: Source

WCOA 2010 to tackle challenges, promote Islamic finance

Posted on 01 July 2010 by Laxman  |  Email|Print

From Bernama: The 18th World Congress of Accountants (WCOA) 2010 to be hosted by Malaysia in November will provide an opportunity to find solutions to challenges brought about by the recent financial crisis, according to the organisers.
Abdul Rahim Abdul Hamid, president of the Malaysian Institute of Accountants (MIA), said they included the increasing need for high-quality international standards, corporate governance, risk management and control, as well the potential over-regulation of small and medium-sized enterprises……………………………………….Full Article: Source

WCOA to promote Malaysia hub of Islamic finance

Posted on 29 June 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: Malaysia would use the 18th Edition of World Congress of Accountants 2010 (WCOA) to promote the country as a hub of Islamic finance, a top official of the event organiser said.
The WCOA, which is also dubbed as the ‘Olympics’ of the accountancy profession, is being held in Malaysia for the first time. The theme of the event is ‘Accountants: Sustaining Value Creation.’………………………………………Full Article: Source

New Sharia standards adopted

Posted on 23 June 2010 by Laxman  |  Email|Print

From Tradearabia.com: The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has adopted three new Sharia standards. This includes a ruling on standards for the disposal of rights, bankruptcy and the management of liquidity, collection and use.
“The adoption of these three standards, together with those adopted in previous years, are an important addition to our standards, both in terms of kind and number,” said AAOIFI secretary general Mohamad Nedal Alchaar……………………………………….Full Article: Source

Irish firms urged to improve knowledge of Islamic finance

Posted on 21 June 2010 by Laxman  |  Email|Print

From Sbpost.ie: Irish accountancy and law firms will need to divert expertise to Islamic finance if the country is to attract business from this lucrative sector, according to a leading business academic.
Eamonn Walsh, professor of accounting at University College Dublin, said recent changes to legislation and tax rules that paved the way for Islamic finance investors in Ireland had been long overdue.
However, he said that professional services firms needed to create a local knowledge base in this area for Ireland to win investments……………………………………….Full Article: Source

Bank of London and the Middle East deploys Reval for Sharia compliant hedge accounting

Posted on 08 June 2010 by Laxman  |  Email|Print

Reval, a leading global provider of risk management and hedge accounting solutions, announced today that Bank of London and The Middle East (BLME), one of the first Sharia’a-compliant banks in the world to qualify for hedge accounting under International Accounting Standard (IAS) 39, has deployed Reval Software-as-a-Service (SaaS) for a more robust and flexible solution for its hedge accounting requirements.
The bank has deployed Reval in place of its original in-house application primarily for fair-value hedging of its large portfolio of bond-like instruments, called Sukuk, and for cash flow hedging of its portfolio of deposits…………………………………………Full Press Release: Source

Work on Islamic pricing done next year: ISRA

Posted on 04 June 2010 by Laxman  |  Email|Print

From Btimes.com.my: A Malaysian Islamic finance research body said today it expects to complete its studies into a proposed Islamic benchmark pricing rate in 2011.
The International Sharia Research Academy for Islamic Finance (ISRA) will refine its benchmark based on industry feedback received yesterday, and could suggest alternative proposals, said its executive director Mohamad Akram Laldin………………………………………..Full Article: Source

“IFC supports Bahrain’s role in driving forward sector”, EDB CEO

Posted on 02 June 2010 by Laxman  |  Email|Print

From Albawaba.com: The 9th Annual Shari’a Conference in Bahrain - organised by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) underpins the leading role the country plays in driving forward the development and growth of the Islamic Finance industry, according to Kamal Ahmed, Chief Operating Officer of the Bahrain Economic Development Board (EDB).
The Conference is designed to give the international Islamic finance industry a collaborative platform to highlight and discuss pertinent industry issues as well as to help facilitate AAOIFI’s role in the development of new standards and the review of existing standards……………………………………….Full Article: Source

Islamic finance must boost money markets to grow, AAOIFI says

Posted on 01 June 2010 by Laxman  |  Email|Print

From Bloomberg: The Islamic finance industry must widen the pool of money-market securities available to help companies and investors manage risk more effectively, according to an official at a Bahrain-based standard-setting agency.
Shariah-compliant financial institutions should also broaden their investment portfolios to limit “overexposure” to any single industry, said Mohamad Nedal Alchaar, secretary- general of the Accounting & Auditing Organization for Islamic Financial Institutions. Assets held by these institutions may expand 10 percent annually from $822 billion in 2009, he said……………………………………….Full Article: Source

Lack of standardisation hobbles Islamic finance

Posted on 11 May 2010 by Laxman  |  Email|Print

From Reuters: Wrangling among scholars and wiggle room in interpretation of Sharia principles threaten to derail any attempt to arrive at global standards in Islamic finance, holding back the $1-trillion industry.
Analysts say that unified rules that could have fuelled growth will be difficult to establish given the differences not just between regulators but also between practitioners……………………………………….Full Article: Source

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