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| Source: AAOIFI. |
In its efforts to promote the Islamic finance industry, Albilad Bank is sponsoring AAOIFI's Shari'ah Standards studies, which will be inaugurated and published by AAOIFI in December 2015 both in hard copy and electronic formats, in addition to inclusion in a dedicated mobile application for smart phones.
This publication includes study papers and researches drawn up by shari'ah scholars and experts over the past 18 years as part of the Shari'ah Standards issuance process, including explanations, inferences, and presentation of contemporary fiqh reasoning in the area of financial transactions. Islamic finance products and contracts covered include those related to banking, takaful, investment banking, financial markets, and financing.
Albilad Bank's Shari'ah Supervisory Board has issued 14 publications, including scientific theses and research in Islamic economics and the fiqh of financial transactions. These include a compendium on Stipulations Extracted from Resolutions of Albilad Bank's Shari'ah Supervisory Board.
This publication includes study papers and researches drawn up by shari'ah scholars and experts over the past 18 years as part of the Shari'ah Standards issuance process, including explanations, inferences, and presentation of contemporary fiqh reasoning in the area of financial transactions. Islamic finance products and contracts covered include those related to banking, takaful, investment banking, financial markets, and financing.
AAOIFI is a nonprofit infrastructure body for the international Islamic finance industry. It has more than 200 institutional members from more than 45 countries from around the world.
HE Khaled Bin Sulaiman, CEO, Albilad Bank, stated: "This initiative reflects one side of the efforts being exerted by Albilad Bank towards promotion and augmentation of the Islamic finance industry in the Kingdom of Saudi Arabia and globally. AAOIFI's standards are also considered the leading professional benchmark for the industry, and the support of which will certainly have a substantial positive impact embodied in the enhancement of confident in, and reliability of, the Islamic finance industry and its products and offerings."
Dr Hamed Hassan Merah, Secretary General, AAOIFI, said: "Albilad Bank is of the influential financial institutions across the industry. The agreement culminates a long-lasting and ongoing, distinct professional relationship with AAOIFI."
HE Khaled Bin Sulaiman, CEO, Albilad Bank, stated: "This initiative reflects one side of the efforts being exerted by Albilad Bank towards promotion and augmentation of the Islamic finance industry in the Kingdom of Saudi Arabia and globally. AAOIFI's standards are also considered the leading professional benchmark for the industry, and the support of which will certainly have a substantial positive impact embodied in the enhancement of confident in, and reliability of, the Islamic finance industry and its products and offerings."
Dr Hamed Hassan Merah, Secretary General, AAOIFI, said: "Albilad Bank is of the influential financial institutions across the industry. The agreement culminates a long-lasting and ongoing, distinct professional relationship with AAOIFI."
Albilad Bank's Shari'ah Supervisory Board has issued 14 publications, including scientific theses and research in Islamic economics and the fiqh of financial transactions. These include a compendium on Stipulations Extracted from Resolutions of Albilad Bank's Shari'ah Supervisory Board.
AAOIFI has issued 94 standards to date, including 54 shari'ah standards, 26 accounting standards, five auditing standards, two codes of ethics, and seven governance standards.