This is a memorandum (circulaire) issued by the shari'a board of the Central Bank of Morocco (Bank al-Maghrib) in January 2017. The document contains fatwās pertaining to Islamic financial instruments such as murābaḥa and regulations concerning its practice and penalties. See document and see the interview with a sharīʿa auditor at Dar Assafaa.
Interview conducted by Ari Schriber, Morocco Editor Nour-Eddine Qaouar is a PhD Candidate in the Faculty of Letters and Humanities at Muhammad V University (Rabat, Morocco) where he studies the applicability of finance-related fatwās from classical sharīʿa to contemporary questions of Islamic finance. He is also Sharīʿa Auditor at Dar Assafaa, the Islamic window of … Continue reading Islamic Finance: New Developments in Morocco’s Sharīʿa-Compliant Banking
In 2007, the Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) considered about 85% of sukuk (commonly called Islamic bonds) to be non-sharīʿa-compliant. In 2010 they released these comprehensive guidelines on Islamic finance, including a section on sukuk (pg. 303), which outlines factors to consider when creating Islamic bonds. One such factor is industry, … Continue reading STANDARDS:: Auditing and Accounting Organisation for Islamic Financial Institutions’ (AAOIFI) Sharīʿa Standards for Financial Institutions (2010)
Islamic finance is under increased scrutiny. Just last week, the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) announced plans to more aggressively develop centralized standards to regulate the boards responsible for assessing sharīʿa-compliance among banks and financial institutions doing business in GCC countries. UAE editor Paul Lee provides some context. From a series … Continue reading The Comparative Costs and Benefits of Models of Islamic Finance Regulation