AAOIFI’s Accounting Board (AAB) Translation Committee has finalised and approved the issuance of the Arabic version of Financial Accounting Standard (FAS) 40 “Financial Reporting for Islamic Finance Windows”. The English version of this standard was issued on December 2021.

This standard improves upon and supersedes FAS 18 “Islamic Financial Services Offered by Conventional Financial Institutions” and defines the financial reporting requirements applicable to conventional financial institutions offering Islamic financial services.

This standard provides principles of financial reporting including the presentation and disclosure requirements applicable on Islamic finance windows.

This standard becomes effective for the financial periods beginning on or after 1 January 2024.

To view the Arabic version, please click on the following link: link