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Gold products used in Islamic finance would need to be physically-backed and allocated to the underlying asset, according to a draft of a standard for Shariah gold being developed. Mohd Daud Bakar, a Shariah scholar who is writing the draft for the Accounting and Auditing Organisation for Islamic Financial Institutions, said the document is almost finished. The committee formed to develop the gold standard will meet once more next Sunday and then submit the proposal to AAOIFI's Shariah Board, he said. The gold standard is expected to be completed later this year, and public hearings could be held in Morocco and Dubai and possibly Indonesia or Malaysia, Bakar said.

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said last week that it had taken up the development of a standard for gold, a project which was launched last year by the World Gold Council (WGC), a London-based market development body. The WGC published an exposure draft in November which analysts believe could accelerate the timetable for the creation of a final standard. Such drafts have traditionally taken AAOIFI scholars two years to develop internally. The WGC's draft outlines several uses for gold such as investment accounts, derivative contracts, security collateral, exchange-traded funds and Islamic bonds, said Natalie Dempster, WGC managing director of central banks and public policy.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced formation of its new technical boards and the names of appointed members of these boards for a 4-year period- up till end of 2019, or until the succeeding boards are appointed. Currently, the standards development, revision, and related technical work programs in AAOIFI are overseen by two technical boards, namely Shari’ah Board and Accounting and Auditing Standards Board. In order to better serve the international Islamic finance industry, AAOIFI has restructured its technical standards boards and enhanced their major responsibilities.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is revamping key standards and boosting its engagement efforts with the industry, part of an ambitious reform agenda for the Bahrain-based body. A revised standard for sukuk and a new one covering the sale of debt are among major efforts planned for next year, secretary-general Hamed Hassan Merah told Reuters in an interview. Industry bodies like AAOIFI have been urged to adapt in a sector that has grown fast but remains fragmented across its core centres in the Middle East and Southeast Asia.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is inviting nominations for candidates to serve on its technical boards that are tasked to carry out development and revision of its international Islamic finance standards. The technical boards in AAOIFI currently consist of Shari'a Board as well as Accounting and Auditing Standards Board. It is proposed that AAOIFI Accounting and Auditing Standards Board will be split into two new technical boards, namely AAOIFI Accounting Board and AAOIFI Governance and Ethics Board. These two boards will be responsible for AAOIFI standards on accounting, auditing, ethics and governance. Meanwhile, AAOIFI Shari'a Board will continue to be responsible for AAOIFI Shari'a standards.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will hold, under the auspices of the Central Bank of Bahrain, the 14th edition of its Annual Shari’a Conference on March 22-23 in Bahrain. The conference will be held in 7 sessions to discuss topics relating to application of Shari’a to international Islamic finance products, services and practices as well as continuing innovation of Islamic finance to support further growth and expansion. Following the conference, AAOIFI will hold training sessions for its Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) qualification programs from 24 to 27 March 2015.

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards will be made available online through Thomson Reuters' range of digital information platforms, including Zawya Islamic. AAOIFI Sharia standards are approved and developed under the guidance of its Sharia Board. The standards represent the broadest consensus of rules that govern the Islamic finance industry and cover Sharia, accounting, auditing, governance and ethics. By making the standards available online, accessibility to the standards will be greatly improved which in turn promotes their wider adoption.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will hold the 14th edition of its Annual Shari'a Conference on 22 and 23 March 2015 in Manama, Bahrain. The conference will be held under the auspices of the Central Bank of Bahrain. Discussions will include on topics relating to application of Shari'a to international Islamic finance products, services and practices as well as continuing innovation of Islamic finance to support further growth and expansion of the industry. Following the conference, AAOIFI will hold training sessions for its Certified Shari'a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) qualification programs from 24 to 27 March 2015.

The National Bank of Kazakhstan, the central bank and financial services regulator, has taken up membership in Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The signing ceremony to commemorate the membership was held on December 2 at WIBC 2014. The agreement was signed by National Bank of Kazakhstan deputy governor Nurlan Kussainov and AAOIFI secretary-general Dr Hamed Hassan Merah. Dr Merah said the membership would allow AAOIFI to work more closely with the National Bank of Kazakhstan and the finance industry in the country to support continuing development of Islamic finance.

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will revise four of its standards in the first half of next year while expanding its guidance for Islamic bonds. AAOIFI's new secretary general, Hamed Hassan Merah, said the standard setting body is looking at the possiblity of developing clearer guidance on sukuk that will incorporate accounting, legal, technical and tax-related aspects. Besides, a revised investment accounts standard is to be released by the end of 2014. Consultations on takaful, ijara and murabaha will be conducted in the first half of 2015, AAOIFI said. On takaful, AAOIFI is considering how to extend its guidance to retakaful, and clarifying the definition of benevolent loans (qard hassan).

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued two new sharia standards, revised three others and said it will review at least five more in coming months. The move appears to signal a more proactive approach by AAOIFI, which has acted only gradually to address some of the industry's big issues and controversies in recent years. AAOIFI may now be picking up the pace after it appointed a new secretary-general in September, Saudi Arabian national Hamed Hassan Merah. AAOIFI issued a standard for arboun (down payments) and another on conditional termination of contracts. Moreover, the body has also revised standards covering the conversion of conventional banks into Islamic ones, debt transfers (hawala) and murabaha.

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has appointed a new secretary-general. Saudi Arabian national Hamed Hassan Merah has been chosen for the post, replacing Khaled Al Fakih, who left the organisation in May after two and a half years in charge. Merah most recently worked with Solidarity Saudi Takaful Company and before that with Riyadh-based Jadwa Investment. Established in 1990, AAOIFI issues guidelines that are followed wholly or in part by Islamic financial institutions around the world. But as Islamic banking has grown globally over the last several years, other standard-setting bodies have become increasingly active and influential.

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Thursday secretary general Khaled Al Fakih had left the organisation to pursue other opportunities. Al Fakih, a Lebanese-born commercial banker, had been secretary general since February 2012. Deputy secretary general Khairul Nizam will take over his duties while AAOIFI looks for a new secretary general, the organisation said. Set up in 1990, AAOIFI has issued a total of 88 standards for Islamic finance. Its membership includes more than 200 institutions from 40 countries, including central banks and regulatory agencies.

The Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI ) hosted the two day AAOIFI -World Bank Annual Conference on Islamic Banking and Finance 18-19 November in Manama, Bahrain. Discussions at the conference focused on international accounting standards for Islamic finance, the dynamics of auditing and risks, incorporation of Shari'ah principles in legal documentation, further innovation on Takaful operations and products, and continuing development of Islamic venture capital. Following the Conference, AAOIFI will hold training courses for its Certified Shari'ah Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) professional development programs 20-23 November 2013.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) yesterday announced that the certification granted to Islamic banking and finance information systems offered by Path Solutions has been withdrawn with effect from September 1. Therefore, AAOIFI no longer certifies that the Islamic banking and finance information systems offered by Path Solutions as being compliant to AAOIFI standards, and bears no responsibility on the Sharia compliance of their systems.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is eyeing revision of existing standards and the introduction of new ones. Thus, they hope to stay abreast of the challenging requirements of industry in financial reporting. This year they already issued a new standard for investment in real estate. It will take effect on January 1 and will ensure more detailed guidelines on the matter of accounting real estate investments.