21.05.2012 - AAOIFI completes seven new Shariah standards
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the finishing of new seven shari'a standards, which shall be added to the existing 41 shari'a standards and the 40 accounting standards which have been announced previously. Dr. Abdul Sattar Abu Ghaddah, Chairman of Minhaj Advisory; said: "the new standards come in line with the rapid growth in the Islamic finance industry and to meet the Institutions needs while running their business; and there are more standards still under process". The new standards are: financial rights and its management; the regulations of liquidity management; bankruptcy; capital and investment protection; agency in investment; calculation of the profit transactions; and options of trust. (Press Release)