Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has launched a new set of Sharia standards for Islamic banking and financing.

Experts and scholars from across the region attended the event organized by the AAOIFI and Minhaj Advisory in Dubai at the initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The main goal is to position the emirates as the global capital of Islamic economy. The ceremony was supported by the Dubai Islamic Economy Development Centre and sponsored by strategic partner Noor Bank and bronze partner Emirates Islamic.

At least four new Sharia standards have been established- No.(55) Competitions and Prizes Standard, No.(56) Liability of Investment Manager Standard, No.(57) Gold and its Trading Controls Standard and No.(58) Repurchase Standard.

They cover various Islamic financial contracts and products, including those pertaining to banking, Islamic insurance, investment banking, capital markets and financing.

The aforementioned criteria are deemed essential Sharia reference for the industry, including legislative bodies, regulatory authorities and financial institutions.

Read more at Khaleej Times.