Free download of Sharia'a standards, new exposure draft on risk reserves
27 Dec 2017
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) announces that the Arabic and English online versions of AAOIFI’s Sharia’a Standards have been made freely available on the AAOIFI website. In addition, the AAOIFI has published an exposure draft of a Financial Accounting Standard “Risk Reserves” and invites opinion from the Islamic finance industry.
The Saudi-British Bank (SABB) in Riyadh has signed an agreement with the AAOIFI whereby the content of all Sharia’a standards in issue at November 2017 in both, Arabic and English, will be accessible and downloadable for personal use through AAOIFI’s website and social media portals. The SABB sponsorship also includes any yet to-be issued, reviewed or updated Sharia’a standards, in both languages, up to 1 January 2020. Please click for more information and access to the standards on the AAOIFI website.
The proposed AAOIFI accounting standard on risk reserves intends to define the accounting principles for risk reserves maintained for the benefit of participatory stakeholders such as investment account holders and Sukuk-holders. It is intended to encourage a financial reporting environment that is risk averse and transparent but that also ensures better safeguarding of the interest of such stakeholders and providing better stability to the Islamic finance industry. Please click for more information and access to the exposure draft on the AAOIFI website.