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