Islamic window definition

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Glossary of Islamic terms and jargon

Glossary of Islamic terms and jargon The Islamic finance glossary pulls together key definitions and acronyms for terms commonly used in the Islamic finance industry and in Islamic finance products and provides links to relevant resources. The glossary is growing as we identify further terms for inclusion. Note that the transliteration of Arabic words into Roman script follows no particular format and simply reflects preferences commonly adopted in the Islamic finance industry. A-F Title Details Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The leading Islamic international autonomous not-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’ah standards for Islamic Financial Institutions (IFIs) and the global Islamic finance industry. Established in Bahrain in 1991, it is supported by a number of institutional members from over 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms.  Its standards are currently followed by the leading Islamic financial institutions across the world and have introduced a progressive degree...

Key participants in the Islamic finance industry

Key participants in the Islamic finance industry This Practice Note provides a high-level overview of the key standard setters and participants in the Islamic finance industry and their respective roles, including the Islamic Financial Services Board (IFSB), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the various types of banks and financial institutions offering Shari’ah compliant products and services and Shari’ah supervisory boards or committees. Islamic Financial Services Board The Islamic Financial Services Board or IFSB serves as an international standard-setting body of regulatory and supervisory agencies that have a vested interest in ensuring the soundness and stability of the Islamic financial services industry, defined broadly to include banking, capital market and insurance. Established in 2002 in Kuala Lumpur, Malaysia by the central banks of Bahrain, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia, Sudan along with AAOIFI, the Islamic Development Bank and the International Monetary Fund, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing, international standards consistent...