02.11.2011 - AAOIFI to look to develop Islamic finance standards
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
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