As part of its consistent efforts to regulate the Islamic banking sector, The Accounting and Auditing Organisation for Islamic Financial Institutions, AAOIFI, has introduced new guidelines for applying the Sharia-Compliant finance law.
The new standards come in keeping with the rapid growth witnessed by the Islamic economy and go in line with the initiative launched by Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to render Dubai as the capital of Islamic Economy.
The four new standards, which help scholars decide whether financial activities and products conform with Sharia law, address core issues, including criteria of competitions and trophies in Islamic Sharia, including their modern applications, investment, gold transactions-regulating criteria and re-purchase standards.
The launch came during a ceremony organsied by AAOIFI in Dubai on 8th May in collaboration with the Dubai Islamic Economy Development Centre.
In his inaugural remarks, AAOIFI Secretary-General Dr. Hamed Hassan Merah said that AAOIFI since its establishment has launched standards and criteria that have proven to be leading guiding principles for Islamic financial institutions in the UAE and in different world countries that adopt Islamic economics.

Source: WAM