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Islamic Finance Briefing - Categorized | Compliance, Tax, Legal, Regulatory, Finance, Islamic Law / Economics more

No Shariah law for breaking deals gets review

Posted on 05 October 2010

From Bloomberg: The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws, seeking to standardize an industry with $1 trillion in assets under management.
The Bahrain-based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariah-compliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary-general of the agency, in Manama, said in a phone interview Sept. 30. The rules will be enforced by December after approval by the advisory board, he said……………………………………….Full Article: Source

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