Standardization Efforts in Islamic Finance

Ahmet Aysan; Abdelilah Belatik; Said Bouheraoua; Mustafa  Disli; Umar A. Oseni; Abdelkader Chachi; Fatin Said Al Zadjali; Adam Shishani; Murat Yaş; Mohammed Umar; Muslehuddin Musab  Mohammed

doi:10.13140/RG.2.2.18309.42720

Standardization Efforts in Islamic Finance

Ahmet Aysan, Abdelilah Belatik, Said Bouheraoua, Mustafa Disli, Umar A. Oseni, Abdelkader Chachi, Fatin Said Al Zadjali, Adam Shishani, Murat Yaş, Mohammed Umar, Muslehuddin Musab Mohammed

Marmara University

Research output: Book/Report › Commissioned report › peer-review

Abstract

The growing number of Islamic financial institutions (IFIs) across jurisdictions and the sophistication of Islamic Finance instruments require standardizations or at least harmonization1 of Islamic Finance contracts and services to regulate the markets in order to promote their transparency and improve their
stability and ultimately create a fair and equitable financial system. As part of this effort, several international Islamic standard-setting organizations (SSOs), including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and the International Islamic Financial Market (IIFM), have issued numerous standards covering Shari'ah products, Shari'ah governance including ethics-related standards, and Islamic accounting and auditing. Consequently, the guidelines and resolutions are introduced at the local level.

Original language	English
Publisher	COMCEC COORDINATION OFFICE
DOIs	https://doi.org/10.13140/RG.2.2.18309.42720
Publication status	Published - Sept 2022

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10.13140/RG.2.2.18309.42720

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title = "Standardization Efforts in Islamic Finance",

abstract = "The growing number of Islamic financial institutions (IFIs) across jurisdictions and the sophistication of Islamic Finance instruments require standardizations or at least harmonization1 of Islamic Finance contracts and services to regulate the markets in order to promote their transparency and improve theirstability and ultimately create a fair and equitable financial system. As part of this effort, several international Islamic standard-setting organizations (SSOs), including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and the International Islamic Financial Market (IIFM), have issued numerous standards covering Shari'ah products, Shari'ah governance including ethics-related standards, and Islamic accounting and auditing. Consequently, the guidelines and resolutions are introduced at the local level.",

author = "Ahmet Aysan and Abdelilah Belatik and Said Bouheraoua and Mustafa Disli and Oseni, \{Umar A.\} and Abdelkader Chachi and \{Al Zadjali\}, \{Fatin Said\} and Adam Shishani and Murat Ya{\c s} and Mohammed Umar and Mohammed, \{Muslehuddin Musab\}",

year = "2022",

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doi = "10.13140/RG.2.2.18309.42720",

language = "English",

publisher = "COMCEC COORDINATION OFFICE",

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TY - BOOK

T1 - Standardization Efforts in Islamic Finance

AU - Aysan, Ahmet

AU - Belatik, Abdelilah

AU - Bouheraoua, Said

AU - Disli, Mustafa

AU - Oseni, Umar A.

AU - Chachi, Abdelkader

AU - Al Zadjali, Fatin Said

AU - Shishani, Adam

AU - Yaş, Murat

AU - Umar, Mohammed

AU - Mohammed, Muslehuddin Musab

PY - 2022/9

Y1 - 2022/9

N2 - The growing number of Islamic financial institutions (IFIs) across jurisdictions and the sophistication of Islamic Finance instruments require standardizations or at least harmonization1 of Islamic Finance contracts and services to regulate the markets in order to promote their transparency and improve theirstability and ultimately create a fair and equitable financial system. As part of this effort, several international Islamic standard-setting organizations (SSOs), including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and the International Islamic Financial Market (IIFM), have issued numerous standards covering Shari'ah products, Shari'ah governance including ethics-related standards, and Islamic accounting and auditing. Consequently, the guidelines and resolutions are introduced at the local level.

AB - The growing number of Islamic financial institutions (IFIs) across jurisdictions and the sophistication of Islamic Finance instruments require standardizations or at least harmonization1 of Islamic Finance contracts and services to regulate the markets in order to promote their transparency and improve theirstability and ultimately create a fair and equitable financial system. As part of this effort, several international Islamic standard-setting organizations (SSOs), including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and the International Islamic Financial Market (IIFM), have issued numerous standards covering Shari'ah products, Shari'ah governance including ethics-related standards, and Islamic accounting and auditing. Consequently, the guidelines and resolutions are introduced at the local level.

U2 - 10.13140/RG.2.2.18309.42720

DO - 10.13140/RG.2.2.18309.42720

M3 - Commissioned report

BT - Standardization Efforts in Islamic Finance

PB - COMCEC COORDINATION OFFICE

ER -

Standardization Efforts in Islamic Finance

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