AAOIFI issues one new standard and four drafts
09 Oct 2017
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the 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, has issued its 99th standard. It has also released four drafts of new standards for public comment.
The new accounting standard deals with Murabaha and Other Deferred Payment Sales. The four exposure drafts are:
- Financial Reporting for Sukuk Holders
- Risk Reserves
- Sale of Debt
- Investment Agency (Al-Wakala Bi Al-Istithmar)
The AAOIFI has published three separate press releases for the documents (all in the English language):