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AAOIFI publishes its 58th standards

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has published and approved a final standards with regards to repurchase transactions and the applicable Shari’ah rulings for the Islamic financial institutions.

This is the 58th standards published by the AAOIFI, which is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia'ah standards for Islamic financial institutions and the industry.

Recently the AAOIFI has also released two exposure drafts on: impairment and credit losses and Sukuk (equivalent to conventional bonds).

Equally, the AAOIFI board announced a plan to issue a set of standards including Shari’ah, accounting and governance standards of Waqf (equivalent to trusts and foundations), with a working group established for the project.

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