Standards

AAOIFI Standard Number One – Trading in Currencies

AAOIFI Standard Number One – Trading in Currencies

An overview of AAOFI Shari’a Standard Number One , Trading in Currencies is presented. »

AAOIFI Standard Number Two – Debit Card, Charge Card and Credit Card

AAOIFI Standard Number Two – Debit Card, Charge Card and Credit Card

An overview of AAOFI Shari’a Standard Number Two, Debit Card, Charge Card and Credit Card is presented. »

AAOIFI Standard Number Three – Default in Payment by a Debtor

AAOIFI Standard Number Three – Default in Payment by a Debtor

The purpose of this standard is to explain the Shari’a rulings applicable to the transactions of Islamic Financial Institutions relating to delay on the part of solvent debtors in settling their debts, delay on the part of guarantors and contractors in fulfilling their obligations, and the ruling on the matter of penalty clauses. »

AAOIFI Standard Number Four – Settlement of Debt by Set-off

AAOIFI Standard Number Four – Settlement of Debt by Set-off

The aim of this standard is to outline rules governing the use of set-off in settling debts, the Shari’a requirements and conditions applicable to set-off, what is permissible or not permissible in this procedure and the most significant practices of Islamic financial institutions (institution/institutions) in this regard. »

AAOIFI Standard Number Five – Guarantees

AAOIFI Standard Number Five – Guarantees

This standard deals with guarantees that are intended to secure obligations and protect amount of debts, either from being uncollectible or from being in default. Such guarantees may take the form of written documents, attestations, personal guarantees, pledges, cheques and promissory notes. »

AAOIFI Standard Number Six – Bank Conversion to an Islamic Bank

AAOIFI Standard Number Six – Bank Conversion to an Islamic Bank

This standard discusses fundamental mechanisms for converting a conventional bank to a bank that comply with Shari’a rules and principles right after the decision to undertake immediate comprehensive conversion within a particular designated period that is announced, whether such a decision comes from within the bank or from outside the bank to be converted by outside parties interested in convert... »

AAOIFI Standard Number Seven – Hawala

AAOIFI Standard Number Seven – Hawala

This standard deals with hawala transactions that involve a change of debtor, i.e. transfer of debt. The scope of this standard shall not include banking remittances except the remittances that take the form of hawala (transfer of debt). »

Misconceptions of Sharia

Misconceptions of Sharia

“Sharia Law” is a phrase which elements of the media in the West have made synonymous with beheadings, stoning to death, the chopping off of hands, banning women from driving and education, full-face veils, intolerance and the like. Such arguments fail to understand there is no single version of Sharia Law which worlds 1.6 billion Muslims follow. Sharia Law varies greatly from country to country. »

Bank Negara Malaysia Shariah Advisory Council

Bank Negara Malaysia Shariah Advisory Council

Sharia Resolutions of Islamic Finance of Bank Negara Malaysia The enactment of the Islamic Banking Act of 1983 and the establishment of the country’s first Islamic Bank, Bank Islam Malaysia, has been instrumental in the development of Malaysia into the world’s most mature Islamic Finance market. This maturity has allowed Malaysia to become a leader in the development of standards for Islamic Finan... »

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Shariah Screening Methodology – A Two Tier Approach by MIFC

In view of the growing sophistication of Islamic capital markets in Malaysia, the Securities Commission has revised the Shariah screening methodology. »

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