The foundation of the Islamic finance industry is the adherence to and compliance with, the guidelines and standards of Shariah ruling on the area of commerce and economics, with the wider shared thinking by prominent Shari’ah scholars and jurists, and centred on evidences found in the Qur'an and the Sunnah.
Taking this into consideration, the AAOIFI has formed the Shari’ah Board in 1419 A.H. (corresponding to 1999 A.D.) which is composed of Shari’ah scholars versed with Fiqh al-Mua’amalat (Islamic commercial and financial jurisprudence), especially in the area of Islamic banking.
Accordingly, it has managed to issue more than 54 standards that covers a wide range of Shari’ah rules relating to financial transactions of Islamic financial institutions (IFIs) in order to
✔ Provide a reference for Islamic banks and financial institutions
✔ To comply with Shari’ah in their transactions and products and
✔ To harmonize various Fatwas issued by different Shari’ah Supervisory Boards (SSBs).
In such manner, the Shari'ah Standards had become the significant gathering of contemporary Fiqh al-Mu'amalat (that is, Jurisprudence of Financial Transactions) around the planet. The guidelines cover a huge exhibit of Islamic monetary agreements and items, including those relating to banking, Islamic protection, venture banking, capital business sectors, financing, etc.These standards are considered the most remarkable Shari'ah reference for this industry and its different partners, including administrative bodies, administrative specialists, and monetary foundations, and other expert substances, for example, law offices, bookkeeping and consultancy firms, notwithstanding colleges, scholastic organizations and examination focuses and Fatwa giving bodies; and particularly, become a fundamental piece of scholarly educational programs in colleges, universities and schools offering training on Islamic banking.
Today, the Shari’ah Standards are formally received by various national banks and monetary experts on a required premise or as direction. Consequently, these norms are seen as a significant trademark for the Islamic account industry and one of its central achievements.
The 54 Shari'ah Standards
SHARI’AH STANDARD (1): Tradingin Currencies
SHARI’AH STANDARD (2): DebitCard, Charge Card and Credit Card
SHARI’AH STANDARD (3): Procrastinating Debtor
SHARI’AH STANDARD (4): Settlement of Debt by Set-Off
SHARI’AH STANDARD (5): Guarantees
SHARI’AH STANDARD (6): Conversion of a Conventional Bank to an Islamic Bank
SHARI’AH STANDARD (7): Hawalah
SHARI’AH STANDARD (8): Murabahah
SHARI’AH STANDARD (9): Ijarah and Ijarah Muntahia Bittamleek
SHARI’AH STANDARD (10): Salam and Parallel Salam
SHARI’AH STANDARD (11): Istisna’a and Parallel Istisna’a
SHARI’AH STANDARD (12): Sharikah (Musharakah) and Modern Corporations
SHARI’AH STANDARD (13): Mudarabah
SHARI’AH STANDARD (14): Documentary Credit
SHARI’AH STANDARD (15): Ju’alah
SHARI’AH STANDARD (16): Commercial Papers
SHARI’AH STANDARD (17): Investment Sukuk
SHARI’AH STANDARD (18): PoShari’ah Standard eShari’ah Standard ion (Qabd)
SHARI’AH STANDARD (19): Loan fQardj
SHARI’AH STANDARD (20): Sale of Commodities in Organized Markets
SHARI’AH STANDARD (21): Financial Paper (Shares and Bonds)
SHARI’AH STANDARD (22): ConceShari’ah Standard ion Contracts
SHARI’AH STANDARD (23): Agency and the Act of an UncommiShari’ah Standard ioned Agent (Fodooli)
SHARI’AH STANDARD (24): Syndicated Financing.
SHARI’AH STANDARD (25): Combination of Contracts.
SHARI’AH STANDARD (26): Islamic Insurance
SHARI’AH STANDARD (27): Indices
SHARI’AH STANDARD (28): Banking Services in Islamic Banks
SHARI’AH STANDARD (29): Stipulations and Ethics of Fatwa in the Institutional Frame- work
SHARI’AH STANDARD (30): Monetization (Tawarruq)
SHARI’AH STANDARD (31): Controls on Gharar in Financial Transactions
SHARI’AH STANDARD (32): Arbitration
SHARI’AH STANDARD (33): Waqf
SHARI’AH STANDARD (34): Hiring of Persons
SHARI’AH STANDARD (35): Zakah
SHARI’AH STANDARD (36): Impact of Contingent Incidents on Commitments
SHARI’AH STANDARD (37): Credit Agreement
SHARI’AH STANDARD (38): Online Financial Dealings
SHARI’AH STANDARD (39): Mortgage and its Contemporary Applications
SHARI’AH STANDARD (40): Distribution of Profit in Mudarabah-Based Investment Accounts
SHARI’AH STANDARD (41): Islamic Reinsurance
SHARI’AH STANDARD (42): Financial Rights and How They Are Exercised and Transferred
SHARI’AH STANDARD (43): Insolvency
SHARI’AH STANDARD (44): Obtaining and Deploying Liquidity
SHARI’AH STANDARD (45): Protection of Capital and Investments
SHARI’AH STANDARD (46): Al-Wakalah Bi Al-Istithmar (Investment Agency).
SHARI’AH STANDARD (47): Rules for Calculating Profit in Financial Transactions.
SHARI’AH STANDARD (48): Options to Terminate Due to Breach of Trust (Trust-Based Options
SHARI’AH STANDARD (49): Unilateral and Bilateral Promise
SHARI’AH STANDARD (50): Irrigation Partnership (Musaqat)
SHARI’AH STANDARD (51): Options to Revoke Contracts Due to Incomplete Performance
SHARI’AH STANDARD (52): Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to Revoke Due to Non-Payment)
SHARI’AH STANDARD (53): Arboun (Earnest Money)
SHARI’AH STANDARD (54): Revocation of Contracts by Exercise of a Cooling-Off
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