The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws, seeking to standardize an industry with $1 trillion in assets under management.
The Bahrain-based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariah-compliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary-general of the agency, based in Manama, Bahrain, said in a phone interview Sept. 30. The rules will be enforced by December after approval by the advisory board, he said.
The 2nd annual thematic workshop organised by the Institute of Islamic Banking and Insurance (IIBI) and the International Shari’ah Research Academy for Islamic Finance (ISRA) in collaboration with Thomson Reuters on 29th November, 2010 was a huge success with more than 120 delegates managing to attend despite adverse weather and a tube strike on the day. The workshop held in London was sponsored by Westlaw Business.
