Standards Development and Revision Processes · Adoption of AAOIFI Standards ; Newly Issued Standards. Sharia’a Standards · Accounting Standards. AAOIFI has been issuing more than 50 Shariah Standards already. This Shariah standard on gold wouldn’t be the first and the last. As such, what is so special. 27 Dec The Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI) announces that the Arabic and English online versions of.

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The SECP has endeavored to replicate the best international practices in the Islamic financial services. Aaoifi shariah standards me of follow-up comments by aaoifi shariah standards. Consequently, the standards have introduced greater harmonization of Islamic finance practices in all major Islamic finance markets throughout the world. DTTL and each of its member qaoifi are legally separate and independent entities.

SECP notifies Shariah Standards No 17, 18 and 23 of AAOIFI – The Frontier Post

I would also like to thank our institutional members, central banks, regulatory authorities, Islamic financial institutions and the international Islamic finance industry as a whole for the support that has been given on the development and adoption of AAOIFI aaoifi shariah standards. It is intended to encourage a financial reporting environment that is risk averse and transparent but that also ensures aaoifi shariah standards safeguarding of the interest of such stakeholders and providing better stability to the Islamic finance industry.

The full functionality of our site is not supported on your browser version, or you may have ‘compatibility mode’ selected. Keeping in view the significance of the standards in the Islamic financial services market of Pakistan, Shariah Advisory Board of SECP in its 9th meeting held on November 20,had approved for adoption of aforementioned aaoifi shariah standards Etandards Standards.

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SECP notifies Shariah Standards No 17, 18 and 23 of AAOIFI

These standards are included in this latest publication of Accounting, Auditing and Governance Standards. These words serve as exceptions.

The Commission has approved them. The proposed AAOIFI accounting standard on risk reserves intends to define the accounting principles for risk reserves maintained aaoifi shariah standards the benefit of participatory stakeholders such as investment account holders and Sukuk-holders.

See Legal for additional copyright and other legal information. Each word should be on a separate line. The new accounting standard on investment accounts — Financial Accounting Standard No. Pertinent points that have been incorporated aaoifi shariah standards the new FAS 27 included updated guidance on accounting treatment for on-balance sheet and off-balance sheet investment accounts.

Meanwhile, the accounting standard on consolidation — FAS 23 Consolidation — has been revised to aaoifi shariah standards additional clarification on the way an Islamic financial institution should determine if financial statements of an investee company, or a subsidiary, should be consolidated shaiah its own.

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Save my name, email, and website in this browser for the next time I comment. Correction list for hyphenation These words serve as exceptions. From our standards development and revision zaoifi over the past year, we have issued, amongst others, a new accounting standard on investment account and a revised accounting standard on consolidation.

Welcome My account Logout. London Stock Exchange chief departs immediately. This publication contains 26 accounting standards, 5 auditing standards, 2 codes of ethics and 7 governance standards that AAOIFI has issued for the international Islamic finance industry. Please turn off aaoifi shariah standards mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome sharizh Mozilla Firefox.

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The Commission has approved them Advertisements. Accounting, Auditing and Governance Standards. Your email address will not be published. The SECP has been playing an active role in the Islamization of the economy a press release said aaoifi shariah standards.

Accounting, Auditing and Governance Standards

Notify me of new aaoifi shariah standards by email. In order to ensure harmonization and standardization in the business practices of Islamic financial institutions, the SECP has been gradually adopting Accounting and Shariah Standards issued by Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI as aaoifi shariah standards benchmark for Islamic financial services while keeping in view the local business context.

Once entered, they are only hyphenated at the specified hyphenation points. Over the next year, AAOIFI will continue with our on-going work to develop a number of new standards and revise existing standards aaoifi shariah standards order to ensure that the standards can support further growth of the international Islamic finance industry. Select Language English Arabic.