The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has issued a set of new Shariah standards for Islamic banking and financing. Islamic finance scholars and specialists from across the Gulf region attended the launch ceremony, which was organized by the AAOIFI in Dubai recently. This event corresponds to the initiative of Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and Ruler of Dubai, to position the emirates as the global capital of Islamic economy. The event was supported by the Dubai Islamic Economy Development Center and sponsored by Noor Bank and Emirates Islamic. The four new Shariah standards are 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. These cover an array of Islamic financial contracts and products, including those pertaining to banking, Islamic insurance, investment banking, capital markets and financing.
