What is the difference between AAOIFI and IFSB?
What is the difference between AAOIFI and IFSB?
AAOIFI and IFSB have traditionally worked separately on their respective mandates. AAOIFI focuses on accounting and auditing standards, while IFSB develops prudential rules in areas including capital adequacy and disclosure requirements.
What is Sukuk AAOIFI?
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) defines sukuk as “certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services or (in the ownership of) the assets of particular projects or special investment activity”.
What is CSAA AAOIFI?
“CSAA” stands for Certified Shari’ah Advisor and Auditor and it’s one of the two fellowship programs offered by the AAOIFI. It was launched in 2006 and currently undergoing a revamping exercise. CSAA is a professional fellowship in Shari’ah Advisory and Shari’ah Auditing.
How many AAOIFI standards are there?
100 standards
It has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.
What are the role and differences of Aaoifi and MASB?
The objective of financial reporting for MASB is to provide useful financial information for existing and potential investors, lenders and other creditors. The AAOIFI divided the objective of financial reporting into two, namely, objective of financial accounting and objective of financial reports.
What is the role of IFSB?
The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital …
Does Malaysia follow Aaoifi?
This is another reason why AAOIFI is not adopted in Malaysia. Differences in mazhabs or Islamic school of thought have been applied in Malaysian Islamic banking environment.
Does Malaysia follow AAOIFI?
Who uses AAOIFI?
AAOIFI Shari’ah standards are adopted as mandatory regulatory requirements in many countries and jurisdictions across the globe such as Bahrain, Jordan, Krygyz Republic, Mauritius, Nigeria, Qatar and Qatar International Financial Centre (QIFC), Oman, Pakistan, Sudan, Syria, United Arab Emirates and Yemen.
Does Malaysia use Aaoifi?
This is another reason why AAOIFI is not adopted in Malaysia. Differences in mazhabs or Islamic school of thought have been applied in Malaysian Islamic banking environment. In that case, in Malaysia, AAOIFI accounting standards usage is restricted only as guidelines and complementary.
What are AAOIFI’s professional qualification programs?
Professional qualification programs (notably CIPA, the Shari’a Adviser and Auditor “CSAA”, and the corporate compliance program) are presented now by AAOIFI in its efforts to enhance the industry’s human resources base and governance structures.
What is the organizational structure of AAOIFI?
About AAOIFI History Objectives Vision Mission Organizational Structure General Assembly BOT Composition and Duties Meetings Members Committees Executive Committee Audit Committee Nominating Committee General Secretariat AAOIFI Technical Boards Composition and Membership
What are the FAS 37 and Fas 40?
FAS 37 – Financial Reporting by Waqf Institutions FAS 38 – Wa’ad, Khiyar and Tahawwut FAS 39 – Financial Reporting for Zakah FAS 40 – Financial Reporting for Islamic Finance Windows FAS 1 (Revised 2021) – General Presentation and Disclosures in the Financial Statements Home About AAOIFI Contact Us Site Map Join Us On © Copyright AAOIFI 2020
What to expect at aaaaoifi 18th annual Shari’ah boards Conference?
AAOIFI 18th Annual Shari’ah Boards Conference – Live Stream Conference papers and presentations COVID-19 Economic Implications, Islamic Finance and the Way Forward Speeches and Presentations