The authors seek to identify, among the 15 countries and 72 banks, those which conform more to this standard. The paper uses the unweighted disclosure method which measures the corporate social report disclosure CSRD score of a bank as additive. Each country and bank are assessed according to two obligatory and voluntary CSRDs. The empirical results indicate that even though the global disclosure index has been improved over the observation period, it has remained relatively low. The results also allowed us to see that the global, mandatory and voluntary societal disclosures vary according to the country and banks. One limitation of this study is that the sample is restricted to only the Islamic banking sector.

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We provide tools that help professionals and institutions steer the global Islamic economy, unlocking commercial opportunities. A dedicated market intelligence platform providing breakthrough access to financial intelligence and the latest investment opportunities.

A collaborative tool to seamlessly connect the largest, most established Islamicindustry professionals community in the world. The Bahrain-based organisation started producing standards as early as AAOIFI standards have been developed in consultation with leading Sharia scholars, with several counties adopting them. Although AAOIFI standards are not binding on members, over the last few years the organisation has made significant progress in encouraging the widespread adoption of the standards.

In addition, over this period, International Accounting Standards IAS or respective national accounting standards were followed by Islamic banks. Hence, the unique requirements of Islamic financial institutions were not being met. To give two examples:. In an industry that is often quite fragmented, it is hoped that the development of AAOIFI standards will go a long way in promoting convergence in Sharia standards and leading to further growth in this nascent market.

Code of ethics for accountants and auditors of IFIs. As such, what is so special about this standard? Allow me to share some of the insights that I am able to discover while working on this Shariah standard from day one.

First things first. It is essentially meant to be a stand-alone standard in the sense that you can find as many relevant principles of Shariah on gold as possible in one standard. It seems that the initial drafters and the AAOIFI sub-committee of the standard have the motivation to compile almost all relevant rulings dealing with gold under this standard.

In other Shariah Standards, many of the Shariah issues, if already covered by other Shariah Standards, will be straight-away referred to that Shariah Standard so that the reader may need to flip through relevant Shariah Standards to get what they need to know.

Investment Modalities. Multiple Use of Modalities. Basic Characteristics of Islamic Investment Modalities. Islamic Financial Instruments.

Belief in Divine Guidance. A Brief Introduction to Islam. Sources of Islamic Finance. Islamic Contract Law. Asset-backed Financing. Capital, Entrepreneur and Islam. Capitalist vs. Islamic Economy. Islamic banks — Current Practices. Riba Interest. Five Main Contracts in Islamic Finance. Option Contract In Islamic Finance. Sukuk al-Ijara. Sukuk al-Wakala. Sukuk al-Salam.

Sukuk al-Musharaka. Sukuk Al-Mudaraba. Sukuk al-Murabaha. Sukuk al-Istisna. Sukuk al-Istithmar. Other Sukuk Instruments. Mudarabah — Introduction. Musharakah - Introduction. Combination of Musharakah and Mudarabah. Management of Musharakah. Diminishing Musharakah. Mudarabah — Distribution of Profit. Musharakah - Distribution of Profit. Shirkat-ul-Milk and Shirkat-ul-Aqd. Nature of Capital. Ratio of Profit. Sharing of Loss. Termination of Mudarabah. Termination of Musharakah.

Mudarabah as a Mode of Finance. Musharakah as substitute for regular overdraft. Murabahah - Introduction. Basic Rules of Sale. Cost Calculation in Murabahah. Pricing for Cash and Credit Sales. Default Penalty - An Alternative. Features of Murabahah Financing.

Murabahah - Guarantee. Murabahah as a Mode of Financing. Promise to Purchase. Rebate on Earlier Payment. Rescheduling of Payments.

Roll Over in Murabahah. Securities against Murabahah Price. Securitization of Murabahah. Subject Matter of Murabahah. Use of Interest Rate as Benchmark. Constructing a Murabaha deal. Murabaha in prearranged deals. Ijarah - Introduction. Rules of Leasing - Ijarah. Ijarah — The Parties. Ijarah as a Mode of Financing. The Commencement of Lease. Insurance of the Assets. Leased Asset - Residual Value. Securitization of Ijarah. Variable Rentals.

Assignment of the Lease. Expenses in Ijarah. Liability in Case of Loss. Penalty - late payment of rent. Termination of Ijarah. Ijarah Leasing as a Mode of Finance. Concept of Ownership. Public Property. Concept of Wealth. Transfer of Wealth. Iktisab Al-Rizq.

Definition of Haram. Permission of Cash Rent Only. Grant of Grazing. Labour as Partner.


AAOIFI Standards

This publication contains 26 accounting standards, 5 auditing standards, 2 codes of ethics and 7 governance standards that AAOIFI has issued for the international Islamic finance industry. Consequently, the standards have introduced greater harmonization of Islamic finance practices in all major Islamic finance markets throughout the world. From our standards development and revision program over the past year, we have issued, amongst others, a new accounting standard on investment account and a revised accounting standard on consolidation. These standards are included in this latest publication of Accounting, Auditing and Governance Standards. The new accounting standard on investment accounts — Financial Accounting Standard No.


Accounting, Auditing and Governance Standards



AAOIFI issues three new governance standards


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