AAOIFI- stands for Accounting and Auditing Organisation for Islamic Financial Institutions is an independent international industry producing standards applicable for Islamic financial institutions. This is a Bahrain-based organization.
So far following standards have been developed by AAOIFI.
Standards producing by AAOIFI:
AAOIFI Accounting Standards:
1. Objective of financial accounting for Islamic banks and financial institution (IFIs).
2. Concept of financial accounting for IFIs.
3. General presentation and disclosure in the financial statements of IFIs.
4. Murabaha and Murabaha to the purchase orderer.
5. Mudaraba financing.
6. Musharaka financing.
7. Disclosure of bases for profit allocation between owners’ equity and investment account holders.
8. Equity of investment account holders and their equivalent.
9. Salam and Parallel Salam.
10. Ijarah and Ijarah Muntahia Bittamleek.
11. Zakah.
12. Istisna’a and Parallel Istisna’a.
13. Provisions and Reserves.
14. General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies.
15. Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies.
16. Investment Funds.
17. Provisions and Reserves in Islamic Insurance Companies.
18. Foreign Currency Transactions and Foreign Operation.
19. Investments.
20. Islamic Financial Services Offered by Conventional Financial Institutions.
21. Contributions in Islamic Insurance Companies.
22. Deferred Payment Sale .
23. Disclosure on Transfer of Assets.
24. Segment Reporting.
25. Consolidation.
26. Investment in Associates.
AAOIFI Auditing Standards:
1. Objective and principles of auditing.
2. The Auditor’s Report.
3. Terms of Audit Engagement.
4. Testing for Compliance with Shariah Rules and Principles by an External Auditor.
5. The Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial Statements.
AAOIFI Governance Standards:
1. Shariah Supervisory Board: Appointment, Composition and Report.
2. Sharia Review.
3. Internal Sharia Review.
4. Audit and Governance Committee for IFIs.
5. Independence of Sharia Supervisory Board.
6. Statement on Governance Principles for IFIs.
7. Corporate Social Responsibility.
AAOIFI Ethics Standards:
1. Code of ethics for accountants and auditors of IFIs.
2. Code of ethics for employees of IFIs.
AAOIFI Sharia Standards:
1. Trading in currencies.
2. Debit Card, Charge Card and Credit Card
3. Default in Payment by a Debtor.
4. Settlement of Debt by Set-Off.
5. Guarantees.
6. Conversion of a Conventional Bank to an Islamic Bank.
7. Hawala.
8. Murabaha to the Purchase Orderer.
9. Ijarah and Ijarah Muntahia Bittamleek.
10. Salam and Parallel Salam.
11. Istisna’a and Parallel Istisna’a.
12. Sharika (Musharaka) and Modern Corporations.
13. Mudaraba.
14. Documentary Credit.
15. Jua’la.
16. Commercial Papers.
17. Investment Sukuk.
18. Possession (Qabd).
19. Loan (Qard).
20. Commodities in Organised Markets.
21. Financial Papers (Shares and Bonds).
22. Concession Contracts.
23. Agency.
24. Syndicated Financing.
25. Combination of Contracts.
26. Islamic Insurance.
27. Indices.
28. Banking Services.
29. Ethics and stipulations for Fatwa.
30. Monetization (Tawarruq)
31. Gharar Stipulations in Financial Transactions
32. Arbitration
33. Waqf
34. Ijarah on Labour (Individuals)
35. Zakah
36. Impact of Contingent Incidents on Commitments.
37. Credit Agreement
38. Online Financial Dealings
39. Mortgage and its Contemporary Applications.
40. Distribution of Profit in Mudarabah-based Investments Accounts.
41. Islamic Reinsurance
42. Financial Rights and Its Disposal Management
43. Liquidity and Its Instruments
44. Bankruptcy
45. Capital and Investment Protection
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