AAOIFI seeks mandate to vet products according to their Sharia Standards
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will seek a mandate from its trustees to examine the degree of sharia financial products' compliance with its 40 standards, its secretary-general, Mohamad Nedal Alchaar, said according to Liau Y-Sing from Reuters.
Lack of common standards makes it difficult to sell products across borders, while possibly enhancing innovation.
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