IslamicFinance.de

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has suggested more specific accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move made by the Bahrain-based AAOIFI submits it is responding to the same kind of pressure to tighten standards that has been noticed in the conventional finance industry since the global financial crisis discharged in 2008.
Both suggestions were discussed at a public hearing for industry participants in Manama and there will be another hearing in Doha on April 12.

Amanie Advisors opened a new office in the Egyptian capital of Cairo, having as purpose to captalise on the considerable business potential in Egypt and North Africa advising bankers and fund managers.
Dr. Mohd Daud Bakar is administring the Amanie Advisors group.
Dr. Bakar is also the Chairman of Shariah Advisory Board of Central Bank of Malaysia and Securities Commission of Malaysia as well a member of Shariah board of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI); Morgan Stanley (Dubai); Noor Islamic Bank and Takaful (Dubai); Bank of London and Middle East (London); and Jadwa-Rusell Islamic Funds (Riyad), amongst others.

Al Khaleej Takaful published the first results since the company took the decision to adopt the same accounting framework of Qatar Takaful Company, a subsidiary, which are the Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
It seems that earnings per share fell to QAR 4.01 from QAR 4.51.

At this year's Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) annual conference came 400 delegates from more than 20 countries from as far afield as South Africa, North Africa, Asia and Europe.
Despite the recent unrest in the kingdom, the conference wasn't affected, it was a big success. The conference closed at the Gulf Hotel and AAOIFI will now carry out training workshops in Bahrain until Friday.

It seems that islamic bonds are not perceived as positively as conventional debt markets.
That was the message from LAU assistant professor of finance Dr Rima Turk Ariss, who was speaking on the sidelines of the fourth Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) conference at the Crowne Plaza.

As part of its efforts to promote Islamic finance around the world, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) secretary-general Dr Mohamad Nedal Alchaar, and the Grand Mufti of the Shura Council of Russian Muftis, met in Moscow with the Russian Association of Experts in Islamic Finance.
The purpose of the meeting was to enhance the prospects of the development of Islamic financial institutions and products in Russia and the application of AAOIFI standards to regulate them.
Dr Alchaar highlighted the importance of establishing a suitable legal and regulatory environment to help accommodate and promote the Islamic financial industry in Russia, noting that the Islamic sukuks in particular have a promising market in the Russian economy.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance, has published its new standards publications. It is entitled Sharia Standards 2010 and Accounting, Auditing, and Governance Standards 2010. The Sharia Standards 2010 publication contains 41 Sharia standards including 11 new standards.