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Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) [7] [8] is a Bahrain-based not-for-profit organization that was established to maintain and promote Shariah standards for Islamic financial institutions, participants and the overall industry. [9]
In 2002, the Malaysia-based Islamic Financial Services Board (IFSB) was established as an international standard-setting body for Islamic financial institutions. [65] By 1995, 144 Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks, and 71 investment companies. [79]
A student in finance, management, law or economics aiming to learn about Islamic finance needs this side of legal theory in order to understand the peculiarity of this sector. All the particular aspects of Islamic finance in all these sides (legal, accounting, financial) are based on the legal particularities of contracts in traditional Islamic ...
In addition to the individual Sharia boards that every Islamic financial institution has, there are organizations that have issued guidelines and standards for Sharia-compliance: Accounting and Auditing Organization for Islamic Financial Institutions, [14] Fiqh Academy of the Organisation of Islamic Cooperation, Islamic Financial Services Board ...
Usmani considers profit and loss sharing the "ideal" Islamic financial instrument and superior to Islamic debt-based financing (such as credit sales). [50] Usmani notes that some non-Muslim economists [ Note 2 ] have supported development of equity markets in "areas of finance currently served by debt" [ 52 ] (though they do not support banning ...
Islamic non-banking finance has grown to encompass a wide range of services, but as of 2013, banking still dominates and represented about four-fifths of total assets in Islamic finance. [ 60 ] [ 44 ] The sukuk market is also a fast-growing segment with assets equivalent to about 15 percent of the industry.
ISRA International Journal of Islamic Finance (IIJIF) is an academic journal publishing research in the fields of Islamic economics and finance. It is published by the International Shari’ah Research Academy for Islamic Finance (ISRA), which has been vested the task to promote applied Shari’ah research in the niche area of Islamic finance.
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency ...