Adoption of AAOIFI Standards


Adoption of AAOIFI Standards

Shari’ah Standards

AAOIFI Shari’ah standards are adopted as mandatory regulatory requirements in many countries and jurisdictions across the globe such as Bahrain, Jordan, Krygyz Republic, Mauritius, Nigeria, Qatar and Qatar International Financial Centre (QIFC), Oman, Pakistan, Sudan, Syria, United Arab Emirates and Yemen.

Apart from regulatory institutions, AAOIFI Shari’ah standards are followed by numerous Shari’ah Islamic finance / Shari’ah consultancy/ educational / training institutions, non-banking In countries such as Kazakhstan, legal basis of their national standards have been developed based on AAOIFI Shari’ah standards and have been recommended as guidelines in jurisdictions such as Kuwait.

Apart from regulatory institutions, AAOIFI Shari’ah standards are followed by numerous Shari’ah consultancies, auditing firms, Takaful / insurance companies, non-banking finance companies, capital market institutions, educational / training institutions, Shari’ah scholars and professionals around the globe.

Below is the list of countries and jurisdictions that follow AAOIFI Shari’ah standards fully, partially or as guidance[1].

Afghanistan
Astana Financial Services Authority (AFSA)
Bahrain
Dubai International Financial Centre (DIFC)
Iraq
Islamic Development Bank Group
Jordan
Krygyz Republic
Lebanon
Libya
Mauritius
Nigeria
Oman
Palestine
Pakistan
Qatar
Qatar International Financial Centre (QIFC)
Sudan
Syria
United Arab Emirates
Yemen

 

[1] 2 3A survey is being carried out to ascertain the exact number of countries and jurisdictions and their level of adoption of AAOIFI Shari’ah, Accounting, Auditing, Governance standards and pronouncements, and Codes of Ethics. The information may be subject to verification from the jurisdictions as some of them may not publish it, and/or sources may either be outdated, or in the process of updation.

Accounting Standards

AAOIFI Accounting standards are adopted either fully or partially as mandatory regulatory requirements in jurisdictions such as Bahrain, Jordan, Krygyz Republic, Mauritius, Nigeria, Qatar, Qatar International Financial Centre (QIFC), Oman, Pakistan, Sudan, and Syria, and Yemen.

AAOIFI accounting standards have also been used as basis of developing national accounting standard in jurisdictions such as Indonesia and Pakistan, and recommended as guidelines in jurisdictions such as Kuwait. Dubai International Financial Centre (DIFC), Labuan and Maldives allow secondary reporting based on AAOIFI accounting standards.

Additionally in jurisdictions such as Bangladesh, individual banks apply AAOIFI Accounting standards voluntarily. Legal basis for accounting in the Republic of Kazakhstan has been developed on the basis of AAOIFI standards.

Apart from regulatory institutions, AAOIFI Shari’ah standards are followed by numerous Shari’ah consultancies, auditing firms, Takaful / insurance companies, non-banking finance companies, capital market institutions, educational / training institutions, Shari’ah scholars and professionals around the globe.

Below is the summary of countries and jurisdictions where AAOIFI accounting standards are followed either fully, partially or as guidance[1].

Afghanistan
Bahrain
Islamic Development Bank
Iraq
Jordan
Krygyz Republic
Lebanon
Libya
Mauritius
Nigeria
Qatar
Qatar International Financial Centre (QIFC)
Oman
Pakistan
Palestine
Sudan
Syria
Yemen

Auditing, Governance standards, and Codes of Ethics

AAOIFI Auditing, Governance standards, Codes of Ethics and other pronouncements are adopted either fully or partially as mandatory regulatory requirements in jurisdictions such as Bahrain, Jordan, Krygyz Republic, Mauritius, Nigeria, Qatar, Qatar International Financial Centre (QIFC), Oman, Pakistan, Sudan, and Syria, and Yemen.

AAOIFI governance standards are followed by numerous Shari’ah consultancies, auditing firms, Takaful / insurance companies, non-banking finance companies, capital market institutions, educational / training institutions, Shari’ah scholars and professionals around the globe.

Below is the summary of countries and jurisdictions where AAOIFI governance standards are followed either fully, partially or as guidance[1].

Afghanistan
Bahrain
Dubai International Financial Centre (DIFC)
Jordan
Krygyz Republic
Nigeria
Qatar
Qatar International Financial Centre (QIFC)
Oman
Pakistan
Sudan
Syria
Yemen