27 October 2026

PR/06/2026

Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI’s) Accounting Board (AAB / the board) has officially issued the Arabic version of Financial Accounting Standard 49 “Financial Reporting for Institutions Operating in Hyperinflationary Economies”.

FAS 49 “Financial Reporting for Institutions Operating in Hyperinflationary Economies” establishes the principles of financial reporting for the institutions applying AAOIFI Financial Accounting Standards operating in hyperinflationary economies, duly considering the relevant Shari’ah principles and rules and their unique business models. It also applicable on consolidated financial statements of an institution to the extent of impacts relating to a subsidiary(ies) whose functional currency(ies) is the currency(ies) of a hyperinflationary economy(ies).

The Arabic versions of the standards can be accessed on AAOIFI website: Link