Dr. Khaled Al Fakih Secretary General & CEO Accounting and Auditing Organization for Islamic Financial Institutions Session I: Establishing a Solid and.

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Presentation transcript:

Dr. Khaled Al Fakih Secretary General & CEO Accounting and Auditing Organization for Islamic Financial Institutions Session I: Establishing a Solid and Supportive Legal Framework for Islamic Banking and Finance Oman Second Islamic Banking & Finance Conference

Establishing a solid and supportive legal framework for Islamic banking and finance Oman 2 nd Islamic Banking & Finance Conference Muscat, Sultanate of Oman 17 March 2013

Framework and infrastructure for Islamic financial system

Effectiveness Uphold principles of Shari’a Framework and infrastructure for Islamic financial system Overall objectives * Sustainability Resilience Additional considerations for Islamic finance * For both Islamic and conventional systems.

Effectiveness Uphold principles of Shari’a Framework and infrastructure for Islamic financial system Overall objectives * Sustainability Resilience Additional considerations for Islamic finance Capture structure and essence of Islamic finance transactions in financial reporting and accounting * For both Islamic and conventional systems.

Effectiveness Uphold principles of Shari’a Framework and infrastructure for Islamic financial system Overall objectives * Sustainability Resilience Additional considerations for Islamic finance Capture structure and essence of Islamic finance transactions in financial reporting and accounting * For both Islamic and conventional systems. Strengthen the link between Islamic finance and real economy

AAOIFI Governance Standard on Corporate Social Responsibility Recommendations, amongst others, for policies on financing and investment schemes relating to: - Provisioning of health and medical services, - Development of research and education facilities, - Development of SME etc, - Promotion of economic growth potential, - Development of basic infrastructure, - Alleviation of social and economic disadvantages. Strengthen the link between Islamic finance and real economy

Brief update on AAOIFI standards

AAOIFI Standards Total of 88 standards issued: 48 Shari’a standards. 26 accounting standards. 5 auditing standards. 7 governance standards. 2 codes of ethics. In addition, new standards are being developed and existing standards reviewed.

Shari’a Standards New Shari’a standards (issued in 2012) on: Financial rights and disposal of those rights; Bankruptcy; Liquidity management relating to sources and uses of liquidity; Capital and investment protection; Investment Agency; Rules on bases of determination and calculation of profit from investment instruments; “Amanah” options, covering rights relating to options for termination of legal contracts due to bad faith. Development of new standards and review of existing standards.

Accounting Standards New accounting standard (issued in 2012) on: Investments in real estate. Development of new accounting standard on: Issuance of Sukuk. Review of existing accounting standards on: Equity on investment accountholders (2 standards). Takaful (4 standards). Murabaha. Ijarah. Standards- related programs Certified Shari’a Adviser and Auditor (CSAA) Certified Islamic Professional Accountant (CIPA) Compliance certification for financial contracts and software solution.

Thank You