For Press

25/05/2017

The Astana International Financial Centre (AIFC) presented the publication of Shariah Islamic finance standards

Today the Astana International Financial Centre (AIFC) held an official presentation of the full publication of the Shariah Standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

CEO of the AIFC Authority Nurlan Kussainov, AAOIFI Secretary General Dr. Hamed Hassan Merah and Executive Secretary of the Russian Association of Experts on Islamic Financing (RAEIF) Madina Kalimullina and representatives of other organizations attended this event.

The publication includes 57 Shariah standards that establish the legal framework for contracts and transactions for Islamic banks and other participants in the Islamic financial market. 

Currently, а number of central banks and financial regulators have adopted AAOIFI standards. Moreover, the AAOIFI standards are the main normative document for the Islamic financial industry in the field of audit and accounting, as well as Islamic financial and investment products.

Astana International Financial Centre is planning to join AAOIFI in 2017. 

Representatives of the Center for the Development of Islamic Economy and Finance in Kazan, the Russian Association of Experts on Islamic Financing in Moscow, as well as employees of the Islamic Finance Department of the AIFC, all took part in the release of the standards.

Islamic financing, in particular the development of Islamic banking and non-banking financial services, as well as the Islamic capital market, is one of the strategic directions of the AIFC.

 

Reference:

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in the post-Soviet region, Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an international organization established in 1991 to harmonize the activities of Islamic financial institutions around the world. The main goal of the organization is the development of standards for the Islamic financial industry.

AAOIFI publishes three types of standards - Sharia, accounting (audit) and regulatory standards (management standards and ethics). The AAOIFI Sharia Council includes the most authoritative scholars in the field of Islamic law and finance, who also head the Shariah Councils with various Islamic banks around the world. Chairman of The International Shariah Standard Council of AAOIFI is Mufti Muhammad Taqi Usmani