Regulatory Alerts2025-01-31 | IFPD Circular No. 02Adoption of AAOIFI Shariah Standard No. 47
This document mandates the adoption of AAOIFI Shariah Standard No. 47 concerning rules for calculating profit in financial transactions within Islamic Banking Institutions. It introduces specific clarifications and amendments to seven key clauses, providing updated readings for headings and regulatory compliance footnotes. Institutions are required to integrate these adjustments into their accounting practices and systems to ensure alignment with Shariah standards.
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