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AAOIFI joins IASB consultative group for Sharia'a-compliant instruments and transactions

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22 Dec 2014

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) met with IASB representatives on 16 December 2014 to discuss potential areas of cooperation. During the meeting, AAOIFI formally accepted membership in the IASB's consultative group on Sharia’a-compliant instruments and transactions. AAOIFI has also offered to arrange the next meeting of the consultative group in the first quarter of 2015 in the Arabian Gulf region.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia'a standards for Islamic financial institutions and the industry. It was founded in 1991 and has so far issued a total of 88 standards covering the areas Sharia'a, accounting, auditing, ethics, and governance for Islamic financial institutions.

Please click for the press release on the AAOIFI website.

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