Payment Cards – AAOIFI Standard 61
Wednesday, 29 Jun 2022 | General
TURKIYE: Garanti Filo Yonetim Hizmetleri raises TRY125 million (US$4.61 million) through Islamic lease certificate
BANGLADESH: Supreme Court advocate sends legal notice to Bangladesh Bank governor to establish Shariah board, The Financial Express reports
UK: London Stock Exchange lists Energy Development Oman’s Sukuk worth US$1 billion
US: Arcapita Group Holdings exits ARC US Student Housing Portfolio II in South Carolina
PAKISTAN: Dubai Islamic Bank Pakistan partners with Codebase Technologies to launch digital onboarding services
PAKISTAN: Securities & Exchange Commission of Pakistan restructures regulatory sandbox from cohort-based system to open status
TURKIYE: Brisa Bridgstone Sabanci Lastik Sanayi ve Ticaret issues Sukuk worth TRY600 million (US$22.18 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM16.06 billion (US$3.42 billion) in total
PAKISTAN: State Bank of Pakistan grants in-principle approval for establishment of five digital retail banks
SAUDI ARABIA: Filling & Packing Materials Manufacturing Company signs Shariah compliant credit facility agreement with Saudi Exim Bank
SAUDI ARABIA: Perfect Presentation for Commercial Services Company renews Shariah compliant bank facility with Saudi Awwal Bank
MALAYSIA: Investment Account Platform forms strategic alliance with Malaysian Business Angel Network
TURKIYE: International Islamic Trade Finance Corporation extends syndicated Murabahah facility worth US$277 million to Turk Eximbank
KYRGYZSTAN: IsDB starts preparing member country partnership study for Kyrgyzstan
AUSTRALIA: Islamic Finance & Investments Association officially launches in Australia to promote and support Islamic finance industry
IRAN: Central Asset Management Co of Iran issues 222nd Sukuk in local capital market for IRR3 trillion (US$70.58 million)
TURKIYE: Arzum Electrical Appliances raises TRY75 million (US$2.77 million) through lease certificate issuance
GLOBAL: Shariyah Review Bureau partners with MRHB Network to assess and review new product
GLOBAL: Global Islamic funds record US$105 billion in assets under management at end of H1 2023, Fitch Ratings says
UAE: Government of Sharjah’s US$750 million Sukuk listed on NASDAQ Dubai
OMAN: Maisarah Islamic Banking Services launches savings account with an annual profit rate of up to 3.83%
SAUDI ARABIA: L’azurde Company for Jewelry’s business activities for Q2 2023 compliant with AAOIFI Shariah standards and guidelines
INDONESIA: Sains Teknik Ecosolusindo registers Sukuk worth IDR3.5 billion (US$227,471) on Indonesia Central Securities Depository
TURKIYE: Nurol Yatirim Bankasi issues Sukuk worth TRY175 million (US$6.47 million)
MALAYSIA: Association of Islamic Banking and Financial Institutions of Malaysia unveils myWakaf 2.0 to fund solar dome dryers
SAUDI ARABIA: SaudiMed Investment Company changes name to Gulf International Investment Company
GLOBAL: Islamic Coin launches Reg D token offering on Republic
SAUDI ARABIA: National Debt Management Center closes September 2023 issuance of government’s riyal-denominated Sukuk program
UK: London Stock Exchange lists DP World’s inaugural green Sukuk
KUWAIT: Central Bank of Kuwait issues bonds and related Tawarruq facilities worth KWD240 million (US$775.28 million)
GAMBIA: Central Bank of The Gambia’s Sukuk Salam oversubscribed
INDONESIA: Metrix Inspira registers Sukuk facility worth IDR907.3 million (US$58,967) on Indonesia Central Securities Depository
MALAYSIA: Matrix Concepts Holdings issues three-month Islamic commercial paper worth RM60 million (US$12.78 million)
INDONESIA: Indonesian government to raise up to IDR6 trillion (US$389.95 million) through auction of sovereign Shariah securities series
MALAYSIA: Bank Negara Malaysia issues Islamic papers worth a total of RM17.43 billion (US$3.71 billion)
BRUNEI: Brunei Darussalam Central Bank prices 138th issuance of Islamic treasury bills worth BN$30 million (US$21.99 million)
INDONESIA: Samator Indo Gas to issue Sukuk programs worth up to IDR1.25 trillion (US$81.24 million)
INDONESIA: Otorita Ibu Kota Nusantara will be able to issue Sukuk next year, Tempo reports
GLOBAL: Global Sukuk issuances marginally dropped by 3% to US$183 billion in 2022, according to International Islamic Financial Market
INDONESIA: Otoritas Jasa Keuangan to launch carbon exchange on the 26th September
MALAYSIA: Malaysia Building Society to dispose of non-financial subsidiaries and non-performing conventional loans
UAE: Baker McKenzie appoints Adil Hussain as partner and head of banking and finance practice in the UAE and global head of Islamic finance
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM17.31 billion (US$3.69 billion) in total
PAKISTAN: Pakistan’s banking sector shows steady performance and resilience during H1 2023, says State Bank of Pakistan
BANGLADESH: Islami Bank Bangladesh approves financing worth BDT7 billion (US$63.08 million) for Shob Meher Spinning Mills, The Daily Star reports
OMAN: Oman’s Ministry of Finance announces buyback offer for outstanding Sukuk and bonds
SAUDI ARABIA: Saudi Exchange launches new indices
OMAN: Capital Market Authority approves OQ’s prospectus for IPO
OMAN: Total assets of Oman’s Islamic banks and windows reach OMR7 billion (US$18.13 billion) at end of July 2023
OMAN: Dhofar Beverages & Foodstuff joins MSX Shariah Index
Shariah Standards
This Islamic finance standards summary series is brought to you exclusively by IFN in collaboration with Dar Al Sharia. The intention of this is to provide the reader with an initial understanding of the standards and this does not purport to be complete or is intended to replace the standard itself. It is also highlighted that the reader should not rely on the below for any Shariah guidance purposes.
All published standards are in chronological order and grouped under the respective standard setting body (AAOIFI, IFSB, IIFM)
All published standards are in chronological order and grouped under the respective standard setting body (AAOIFI, IFSB, IIFM)
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Waqf – AAOIFI Standard 60
Wednesday, 29 Jun 2022 | General
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Sale of Debt – AAOIFI Standard 59
Wednesday, 29 Jun 2022 | General
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Buyback – AAOIFI Standard 58
Tuesday, 27 Nov 2018 | Volume15.Issue48
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Gold and its trading parameters in Shariah – AAOIFI Standard 57
Monday, 19 Nov 2018 | Volume15.Issue47
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Guarantee by investment manager – AAOIFI Standard 56
Tuesday, 13 Nov 2018 | Volume15.Issue46
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Competitions and rewards – AAOIFI Standard 55
Monday, 05 Nov 2018 | Volume15.Issue45
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Revocation of contracts by exercise of a cooling-off option – AAOIFI Standard 54
Tuesday, 30 Oct 2018 | Volume15.Issue44
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Arbun (earnest money) – AAOIFI Standard 53
Tuesday, 23 Oct 2018 | Volume15.Issue43
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Options to reconsider (cooling-off options, either/or options, and options to revoke due to non-payment) – AAOIFI Standard 52
Tuesday, 16 Oct 2018 | Volume15.Issue42
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Options to revoke contracts due to incomplete performance – AAOIFI Standard 51
Tuesday, 09 Oct 2018 | Volume15.Issue41
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Irrigation partnership (Musaqat) – AAOIFI Standard 50
Tuesday, 02 Oct 2018 | Volume15.Issue40
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Unilateral and bilateral promise – AAOIFI Standard 49
Tuesday, 25 Sep 2018 | Volume15.Issue39
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Options to terminate due to breach of trust (trust-based options) – AAOIFI Standard 48
Tuesday, 18 Sep 2018 | Volume15.Issue38
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Rules for calculating profit in financial transactions – AAOIFI Standard 47
Monday, 10 Sep 2018 | Volume15.Issue37
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Wakalah Bi Istithmar (investment agency) – AAOIFI Standard 46
Tuesday, 04 Sep 2018 | Volume15.Issue36
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Protection of capital and investments – AAOIFI Standard 45
Tuesday, 28 Aug 2018 | Volume15.Issue35
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Obtaining and deploying liquidity – AAOIFI Standard 44
Tuesday, 21 Aug 2018 | Volume15.Issue34
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Insolvency – AAOIFI Standard 43
Tuesday, 14 Aug 2018 | Volume15.Issue33
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Financial rights and how they are exercised and transferred – AAOIFI Standard 42
Tuesday, 07 Aug 2018 | Volume15.Issue32
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Islamic reinsurance – AAOIFI Standard 41
Tuesday, 31 Jul 2018 | Volume15.Issue31
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Distribution of profit in Mudarabah-based investment accounts – AAOIFI Standard 40
Tuesday, 24 Jul 2018 | Volume15.Issue30
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Mortgage and its contemporary applications – AAOIFI Standard 39
Tuesday, 17 Jul 2018 | Volume15.Issue29
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Online financial dealings – AAOIFI Standard 38
Tuesday, 10 Jul 2018 | Volume15.Issue28
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Credit agreement – AAOIFI Standard 37
Tuesday, 03 Jul 2018 | Volume15.Issue27
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Impact of contingent incidents on commitments – AAOIFI Standard 36
Tuesday, 26 Jun 2018 | Volume15.Issue26
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Zakat – AAOIFI Standard 35
Tuesday, 19 Jun 2018 | Volume15.Issue25
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Hiring of persons – AAOIFI Standard 34
Tuesday, 12 Jun 2018 | Volume15.Issue24
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Waqf – AAOIFI Standard 33
Tuesday, 05 Jun 2018 | Volume15.Issue23
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Arbitration – AAOIFI Standard 32
Monday, 28 May 2018 | Volume15.Issue22
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Controls on Gharar in financial transactions – AAOIFI Standard 31
Tuesday, 22 May 2018 | Volume15.Issue21
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Monetization (Tawarruq) – AAOIFI Standard 30
Tuesday, 15 May 2018 | Volume15.Issue20
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Stipulations and ethics of Fatwa in the institutional framework – AAOIFI Standard 29
Tuesday, 08 May 2018 | Volume15.Issue19
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Banking services in Islamic banks – AAOIFI Standard 28
Monday, 30 Apr 2018 | Volume15.Issue18
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Indices – AAOIFI Standard 27
Tuesday, 24 Apr 2018 | Volume15.Issue17
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Islamic insurance – AAOIFI Standard 26
Tuesday, 17 Apr 2018 | Volume15.Issue16
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Combination of contracts – AAOIFI Standard 25
Tuesday, 10 Apr 2018 | Volume15.Issue15
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Syndicated financing – AAOIFI Standard 24
Tuesday, 03 Apr 2018 | Volume15.Issue14
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Agency and the act of an uncommissioned agent (Fuduli) – AAOIFI Standard 23
Tuesday, 27 Mar 2018 | Volume15.Issue13
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Concession contracts – AAOIFI Standard 22
Tuesday, 20 Mar 2018 | Volume15.Issue12
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Financial paper (shares and bonds) – AAOIFI Standard 21
Tuesday, 13 Mar 2018 | Volume15.Issue11
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Sale of commodities in organized markets – AAOIFI Standard 20
Tuesday, 06 Mar 2018 | Volume15.Issue10
Loan (Qard) – AAOIFI Standard 19
Tuesday, 27 Feb 2018 | Volume15.Issue09
Possession (Qabd) – AAOIFI Standard 18
Tuesday, 20 Feb 2018 | Volume15.Issue08
Investment Sukuk – AAOIFI Standard 17
Tuesday, 13 Feb 2018 | Volume15.Issue07
Commercial papers – AAOIFI Standard 16
Tuesday, 06 Feb 2018 | Volume15.Issue06
Ju’alah – AAOIFI Standard 15
Tuesday, 30 Jan 2018 | Volume15.Issue05
Documentary credit – AAOIFI Standard 14
Tuesday, 23 Jan 2018 | Volume15.Issue04
Mudarabah – AAOIFI Standard 13
Tuesday, 16 Jan 2018 | Volume15.Issue03
Sharikah (Musharakah) and Modern Corporations – AAOIFI Standard 12
Tuesday, 09 Jan 2018 | Volume15.Issue02
Istisnah and parallel Istisnah – AAOIFI Standard 11
Tuesday, 02 Jan 2018 | Volume15.Issue01
Salam and Parallel Salam – AAOIFI Standard 10
Tuesday, 12 Dec 2017 | Volume14.Issue50
Ijarah and Ijarah Muntahiya Bil Tamleek – AAOIFI Standard 9
Tuesday, 05 Dec 2017 | Volume14.Issue49
Murabahah – AAOIFI Standard 8
Tuesday, 28 Nov 2017 | Volume14.Issue48
Hawalah – AAOIFI Standard 7
Tuesday, 21 Nov 2017 | Volume14.Issue47
Conversion of a Conventional Bank to an Islamic Bank – AAOIFI Standard 6
Tuesday, 14 Nov 2017 | Volume14.Issue46
Guarantees – AAOIFI Standard 5
Tuesday, 07 Nov 2017 | Volume14.Issue45
Settlement of Debts by Set-Off – AAOIFI Standard 4
Tuesday, 31 Oct 2017 | Volume14.Issue44
Procrastinating debtor – AAOIFI Standard 3
Tuesday, 24 Oct 2017 | Volume14.Issue43
Debit card, charge card and credit card – AAOIFI Standard 2
Tuesday, 17 Oct 2017 | Volume14.Issue42
Shariah Standard – AAOIFI Standard 1
Tuesday, 10 Oct 2017 | Volume14.Issue41
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Core Principles for Islamic Finance Regulation (Takaful Segment) – IFSB Standard 27
Tuesday, 22 Aug 2023 | General
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Core Principles for Islamic Finance Regulation (Financial Market Infrastructures) – IFSB Standard 26
Monday, 14 Aug 2023 | General
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Disclosures to Promote Transparency and Market Discipline for Takaful/re-Takaful Undertakings – IFSB Standard 25
Monday, 26 Jun 2023 | General
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IADI-IFSB Core Principles for Effective Islamic Deposit Insurance Systems (CPDIS) – IFSB Standard N/A
Tuesday, 20 Jun 2023 | General
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Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services [Banking Segment] (IFSB-23) – IFSB Standard 23
Wednesday, 14 Jun 2023 | General
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Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment] (IFSB-22) – IFSB Standard 22
Tuesday, 06 Jun 2023 | General
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Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment] (IFSB-21) – IFSB Standard 21
Monday, 29 May 2023 | General
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Key Elements in the Supervisory Review Process of Takaful/re-Takaful Undertakings (IFSB-20) – IFSB Standard 20
Monday, 22 May 2023 | General
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Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (IFSB-19) – IFSB Standard 20
Tuesday, 16 May 2023 | General
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Guiding Principles for re-Takaful (Islamic Insurance) (IFSB-18) – IFSB Standard 18
Thursday, 11 May 2023 | General
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Core Principles for Islamic Finance Regulation (Banking Segment) (IFSB-17) – IFSB Standard 17
Wednesday, 03 May 2023 | General
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Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services Excluding Islamic Insurance Institutions and Islamic Collective Investment Schemes (IFSB-15) – IFSB Standard 15
Monday, 10 Apr 2023 | General
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Standard on Risk Management for Takaful (Islamic Insurance) (IFSB-14) – IFSB Standard 14
Thursday, 06 Apr 2023 | General
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Guiding Principles on Stress Testing for Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Schemes (IFSB-13) – IFSB Standard 13
Monday, 27 Mar 2023 | General
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Guiding Principles on Liquidity Risk Management for Institutions Offering Islamic Financial Services (IFSB-12) – IFSB Standard 12
Monday, 20 Mar 2023 | General
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Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings (IFSB-11) – IFSB Standard 11
Tuesday, 14 Mar 2023 | General
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Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services (IIFSs) (IFSB-10) – IFSB Standard 10
Monday, 06 Mar 2023 | General
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Guiding Principles on Conduct of Business for Institutions offering Islamic Financial Services (IIFSs) (IFSB-9) – IFSB Standard 9
Friday, 03 Mar 2023 | General
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Guiding Principles on Governance for Takaful (Islamic Insurance) Undertakings (IFSB-8) – IFSB Standard 8
Wednesday, 04 Jan 2023 | General
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Capital Adequacy Requirements for Sukuk, Securitizations and Real Estate Investment (IFSB-7) – IFSB Standard 7
Monday, 19 Sep 2022 | General
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Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds (IFSB-5) – IFSB Standard 5
Monday, 05 Sep 2022 | General
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Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds) (IFSB-4) – IFSB Standard 4
Wednesday, 20 Jul 2022 | General
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Guiding Principles on Corporate Governance for Institutions Offering Only Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds) (IFSB-3) – IFSB Standard 3
Wednesday, 20 Jul 2022 | General
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Capital Adequacy Standard for Institutions (Other than Insurance Institutions) Offering Only Islamic Financial Services (IFSB-2) – IFSB Standard 2
Wednesday, 13 Jul 2022 | General
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Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) Offering Only Islamic Financial Services (IFSB-1) – IFSB Standard 1
Wednesday, 29 Jun 2022 | General
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Master Collateralized Murabahah Agreement (MCMA) – IIFM Standard 6
Monday, 12 Sep 2022 | General
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Inter-Bank Unrestricted Master Investment Wakalah Agreement – IIFM Standard 5
Tuesday, 06 Sep 2022 | General
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ISDA/IIFM Mubadalatul Arbaah (MA) (Profit Rate Swap) — Single Sale and Two Sale – IIFM Standard 3 & 4
Wednesday, 20 Jul 2022 | General
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ISDA/IIFM Tahawwut (Hedging) Master Agreement (TMA) – IIFM Standard 2
Wednesday, 13 Jul 2022 | General
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Master Agreements for Treasury Placement (MATP) – IIFM Standard 1
Wednesday, 29 Jun 2022 | General