“For
the Islamic finance industry -though emerging, but
rapidly growing and evolving- standards are
important as they give shape to the market and help
to define characteristics of the industry… and also
provide the basis for continuing the development of
this industry.”
Since
1991, when the Islamic banking and finance industry
itself decided that the existing international
standards were inadequate to cater for its needs, we
have come a long way to being recognized as the main
standard-setting organization.
We
have now issued up to 70 standards on accounting,
auditing, and governance, in addition to codes of
ethics and Shari’a standards.
At the same time, we are working diligently on
preparing new standards, redrafting current ones
taking into account all newly emergent requirements
and needs of IFIs all over the world, and conducting
relevant researches and consultancies crucial to
activating and enhancing all efforts and skills
available...
“For
the Islamic finance industry -though emerging, but
rapidly growing and evolving- standards are
important as they give shape to the market and help
to define characteristics of the industry… and also
provide the basis for continuing the development of
this industry.”
Dr. Mohamad Nedal Alchaar,
