Minhaj Advisory, in its turn, organizes an event for announcing these standards, the event titled: "Ceremony for New AAOIFI Shari'a Standards 42 - 48" which shall take place on May 23rd at Grand Hyatt Dubai, to discuss these standards with the Islamic Bank industry practitioners, and how to implement them in their applications. (source)
The ceremony is sponsored by leading Islamic financial institutions; including Mawarid Finance (platinum sponsor), Al Hilal Bank (golden sponsor), Noor Islamic Bank (sliver sponsor), Arab Islamic Insurance Company "Salama" (sliver sponsor),: Al Khawarizmi International College (academic sponsor).
Dr. Abdul Sattar Abu Ghaddah, Chairman of Minhaj Advisory; said: "the new standards come in line with the rapid growth in the Islamic finance industry and to meet the Institutions needs while running their business; and there are more standards still under process".
Mr. Mohamed Al Nueimi, CEO Mawarid Finance said "Mawarid Finance since its inception has been adopting the standards of AAOIFI in all the applications; sponsoring this event comes in line with our company goal to play a key role in developing and supporting the Islamic finance industry".
The new standards are; Financial Rights and Its Management, the regulations of liquidity management, bankruptcy, Capital and Investment Protection, Agency in investment, calculation of the profit transactions and Options of trust.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) which was established in 1990 and based in Bahrain, is an Islamic international independent non-for-profit corporate body that develops accounting, auditing, governance, ethics and Shari'a standards for Islamic financial institutions and the industry. Professional qualification programs (notably CIPA, and "CSAA".
Source: http://www.ameinfo.com/aaoifi-announces-finishing-seven-sharia-standards-300929 - May 20, 2012
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