WORLD - REGULATONS - AAOIFI announces the finishing of new seven shari'a standards

www.ameinfo.com - The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the finishing of new seven shari'a standards, which shall be added to the existing 41 shari'a standards and the 40 accounting standards which have been announced previously.

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)

WORLD - REGULATIONS - AAOIFI plans reform of takaful standards

www.insuranceinsight.eu -  Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.

"We would like to see insightful debate ... that can help us develop standards that can benefit the industry," Fakih told Reuters, ahead of AAOIFI's annual meeting on 7 and 8 May.
His organisation plans to start consultations on reforming the operations of sharia boards, the groups of Islamic scholars which rule on whether financial institutions' activities and products are religiously acceptable, by the middle of this year. (source)

WORLD - REGULATIONS - Bahrain’s Islamic Regulator AAOIFI Issues 7 Financial Standards

www.bloomberg.com - Bahrain’s Accounting & Auditing Organization for Islamic Financial Institutions issued seven Islamic standards for the industry, the regulator’s Secretary General Khaled Al Faqih said today.
The guidelines will govern financial rights or the disposal of rights, bankruptcy and liquidity management, Al Faqih said at a news conference in the capital Manama. The agency also listed rules for capital and investments protection, investment agency contracts, profit calculations from investment instruments, and the right to terminate legal contracts due to fraud, he said.  (source)

WORLD - STANDARDS - AAOIFI Exposure Draft - Financial Accounting Standard No 26 on Investments in Real Estate

2012 AAOIFI - Exposure Draft of New Accounting Standard on Investment in Real Estate - January 2012

TAKAFUL - IFSB - Islamic insurance aligns with global rules

The Islamic Financial Services Board has released a standard on solvency requirements for Islamic insurance undertakings to bring it into line with global insurance standards.

There are key differences between Takāful (Islamic insurance) and conventional insurance and the IFSB and the International Association of Insurance Supervisors have been working together to resolve this.

TAKAFUL - IFSB - STANDARD 11 - On solvency requirements for Takaful undertakings (Dec 2010)

2010 Eng_IFSB-11 - Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings

REGULATIONS - AAOIFI issues three new Shari'a standards

The accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes, accounting, auditing, ethics, governance and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".