Minhaj Advisory hosted the meeting of Accounting and Auditing Organization for Islamic Financial Institutions' Shari'ah Standards Sub-Committee in Dubai on Monday 30 Qada 1436H corresponing to 14 September 2015 AD.
The Banking Cards Shari’ah Standard was approved earlier based on detailed scientific study . The new draft contained the standard treatment for many of issues and developments of banking cards, and will be continued in the next committees meeting, God willing.
It is worth mentioning that the esteemed Shari’ah Board has taken the responsibility to review the standards issued by, and the fact that from among its members a special committee to it, to review any comments received from scholars or experts on the criteria form or substance, and to ensure speed to meet the industry need on the one hand address the developments therein; and therefore, committee conducted three types of reviews: First, Updating wording of some of its provisions and clauses to include unambiguous in meaning or to shed light on the rule or to choose a more accurate expression and so on; Second, added and deleted clauses to the standard paragraphs or merged some of them, without prejudice to the general structuring of the standard and Third to cover the changes and developments of large scale operations of the standard, such as standard instruments and standard cards and standard shift of conventional banks to Islamic banks.
AAOIFI is working on the issuance of a new set of Shari’ah Standards which will have a significant impact on controling and enriching the Islamic finance industry.