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Islamic Finance Briefing - Categorized | Accounting and Audit, Compliance, Tax, Legal, Regulatory more

Shariah body issues 11 new standards

Posted on 02 November 2010

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

 
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