Islamic finance glossary

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Islamic finance glossary
  • A-F
  • G-L
  • M-R
  • S-Z

Islamic finance glossary

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.


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 of harmonisation of international Islamic finance practices. It also offers professional qualification programs (notably Certified Islamic Professional Accountant (CIPA), the Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance program) in efforts to enhance the industry’s human resources base and governance structures.
For further details, see Practice Note: Key participants in the Islamic finance industry — Accounting and Auditing Organization for

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