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AAOIFI Introduction
AAOIFIAccountingt nd rds ndIFR
AdoptionofAAOIFIt nd rds
HowAAOIFIt nd rdsupportIsl ic
Fin nceIndustr
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AAOIFI Introduction
ï AAOIFI is responsible for forul tion nd issu nce of
intern tion l Isl ic fin nce st nd rds.
ï AAOIFI h s issued 8 st nd rds:
-  ccounting st nd rds,
- 5 uditing st nd rds,
- 7 govern nce st nd rds (incl. on h ri¶ supervision),
-  codes of ethics, nd
- 4 h ri¶ st nd rds (rules for pplic tion of h ri¶ ).

ï In ddition, AAOIFI is developing nuber of new


st nd rds nd reviewing existing st nd rds.
AAOIFI Introduction( 

ï AAOIFI, b sed in B hr in, is supported b over 


institution l ebers fro over 4 countries.
@ebers include:
- Centr lb nks ndregul tor uthorities,
- Isl ic ndconvention lfin nci linstitutions,
- Accounting nd uditingprofessions, nd
- Isl icfin nci lsupportservicesproviders.
ï o s to support technic l pplic tion of st nd rds,
AAOIFI offers profession l qu lific tion progr s:
- CertifiedIsl ic
rofession lAccount nts(CI
A),
- Certifiedh ri¶ Adviser ndAuditor(CAA).
AAOIFI Introduction( 

ï AAOIFIh s lsointroducedContr ctCertific tion



rogr  tocertifth tfin nci lcontr ctsbetween
Isl icfin nci linstitutions ndtheirclients rein
copli ncewithAAOIFIst nd rds ndh ri¶ rules
ndprinciples.
ï The Contr ct Certific tion
rogr  is designed to:
-
rootegre terh ronis tionofintern tion l
Isl icfin ncepr ctices,
-
rovideindependentendorseentforIsl ic
fin nci linstitutions, nd
- Givefurthersupporton pplic tionofour
st nd rds.
AAOIFIAccountingt nd rds nd
IFR

ï   
 

ï   

       

 
    

ï     


  
    
Cop risononstructur lobjectives

A. ifferencesoncover geofst nd rds

AAOIFI IFR

ï pecificforIsl ic ï Forentireeconoic nd


fin nceindustr. soci l ctivities.
ï B sedonrequireentof ï Generic,ostlnot
Isl icfin ncepr ctices. industr-specific.
Cop risononstructur lobjectives

B. ifferencesontpesofst nd rds

AAOIFI IFR

ï All-encop ssing. ï Tpe-specific.


ï Accounting, ï Accounting.
ï h ri¶ ,
ï Auditing, thics, nd
Govern nce.
C tegoriesof ccountingst nd rdsforIFIs
1. AAOIFI st nd rds issued bec use IFR  IAB
st nd rds c nnot be dopted in whole b Isl ic
fin nci l institutions (IFIs).

. AAOIFI st nd rds issued for specific Isl ic


b nking nd fin nce pr ctices not covered b IFR 
IAB st nd rds.

3. IFR  IAB st nd rds th t c n be dopted b IFIs


(therefore AAOIFI does not issue siil r ones nd
llows doption of those st nd rds).
C tegoriesof ccountingst nd rdsforIFIs
1. AAOIFI st nd rds issued bec use IFR  IAB
st nd rds c nnot be dopted in whole b IFIs
ï     

    
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%
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&         # 


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ï %'    ( )*  +  

    
    ,
  (
)+  ,& - )  ,& (. ) ,& 
%
C tegoriesof ccountingst nd rdsforIFIs

. AAOIFI st nd rds issued for specific Isl ic b nking


nd fin nce pr ctices not covered b IFR  IAB
st nd rds
ï   
  
   

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 $    
%
ï  
&         # 

 
 #  ! "   %
ï %'    0 )1  2 1   
+ 
  ,&  - ) 2 + ,%
C tegoriesof cct¶gst nd rdsforIFIs

3. IFR  IAB st nd rds th t c n be dopted b IFIs


ï 3          


     /  
 

  % 

&      /     
ï             
        /   
  %
ï %'  (4 )    "
  ,&  05
) +# 
 ,%
x plesof indifferencesbetweenAAOIFI
ndIFR
. Investent ccount funds in IFIs
ï An IFI¶s  jor source of funds is µunrestricted¶
investent ccount funds fro its custoers.
ï These funds re gener ll  n ged b IFI b sed on
@
investent  n geent profit-sh ring
greeent.
ï Õnder @
investent  n geent, IFI is not
li ble for loss rising fro investents (except due to
IFI¶s isconduct, negligence, etc)  h ri¶ st nd rd.
x plesof indifferencesbetweenAAOIFI
ndIFR

. Investent ccount funds in IFIs ( 

ï AAOIFI st nd rds require µunrestricted¶ investent


ccount funds to be presented in st teent of fin nci l
position s sep r te ite between li bilities nd
owners¶ equit.

ï In contr st, b sed on IFR these would be presented s


li bilities ( long with other deposits).
x plesof indifferencesbetweenAAOIFI
ndIFR
 |
(le sing)
ï An IFI¶s  jor fin ncing ech niss re Oper ting
|
nd |
@    (le sing th t ends
with tr nsfer of sset ownership to lessee).
ï For both, sset ownership rests with IFI throughout the
le se ter.

ï In |
@   , there ust be
independent contr ct for tr nsfer of sset ownership.
x plesof indifferencesbetweenAAOIFI
ndIFR
b. Ij r h (le sing) ( 
ï AAOIFI st nd rds require both Oper ting |
nd
|
@    to be tre ted siil r to
Oper ting Le se.
ï In contr st, b sed on IFR, both Oper ting |

(especi ll if le se ter is for  jor p rt of econoic life
of le se sset) nd |
@    (due to
the tr nsfer of sset ownership b the end of le se ter)
would nor ll be cl ssified nd tre ted s Fin nce
Le se.
!
  !! || 


AdoptionofAAOIFIt nd rds
ï AAOIFI st nd rds re  nd tor in  jurisdictions ( nd
supr -n tion l entit):
- B hr in
- ub iIntern tion lFin nci lCentre,
- Jord n,
- Q t r,
- Q t rFin nci lCentre,
- ud n,
- outhAfric (forinvestent n geent),
- ri , nd
- Isl ic evelopentB nkGroup.
AdoptionofAAOIFIt nd rds( 

ï AAOIFIst nd rds re lso dopted sguidelinesor


b sisforn tion lst nd rds injurisdictionsincl.:
- Brunei,
- Indonesi ,
- Kuw it
- Leb non,
- @ l si ,
-
kist n,
-  udiAr bi , nd
- ÕnitedAr b ir tes.
ï Over ll,AAOIFIst nd rds reusedb ll IFIs crossthe
world.
!! || 


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HowAAOIFIt nd rdsupportIsl icFin nce
Industr

AAOIFIst nd rdsreflect nh nce


concept ndessenceof confidenceof
Isl icfin ncetr ns ctions. usersofIsl ic
fin nceproducts.

Andbring bout
rootegrowth
h ronis tionofIsl ic ofde ndfor
fin ncepr ctices. Isl icfin nce.
HowAAOIFIt nd rdsupportIsl icFin nce
Industr

AAOIFIst nd rds lso


rootebetter
ensureconvergenceof viewofIFIs¶
fin nci lreportingbIFIs. fin nci l
perfor nces.

Andintroducegre ter nh nce


cl rittothefin nci l tr nsp rencof
reportsofIFIs. IFIs¶fin nci l
reports.
Th nkou

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