In a move that is being hailed by the Western financial media as a positive development, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a series of standards and procedures for Shariah-Compliance.

http://www.reuters.com/article/idUSLDE60J0WF20100120?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401

It is hoped that the AAOIFI will “harmonize” standards across the industry.

If only Western journalists had bothered to check into the background of the people at AAOIFI, then they would be worried about such an organization having so much power and authority:

http://www.shariahfinancewatch.org/2009/08/11/aaoifi-to-keep-tabs-on-shariah-products/

http://www.shariahfinancewatch.org/2009/05/26/secretary-general-of-aaoifi-calls-for-increased-transparency-and-disclosure-in-shariah-compliant-finance-but-not-within-his-own-organization/

 

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