Accounting Standards for Islamic Financial Institutions will appear in Russian

Shari’a Standards for Islamic Financial products issued by the Accounting Association of Islamic Financial Institutions (AAOIFI) will soon be presented in Russian. An agreement was reached during the visit of the Delegation of Council of Muftis of Russia to Bahrain last December.

The first product standards will be published in February 2010 and will include operations such as murabaha (deferred sale finance), sukuk (interest-free loans) and takaful (an Islamic insurance concept).

Bercy Seeks to Enable the Development of Islamic Financing in France

Christine Lagarde, Minister of the Economy and Finance, wants to facilitate the development of Islamic finances in France, stating she wants follow the model already in place in London. Known as “sukuks”, this kind of loan meets the rules of shari’ah law which prohibits claiming interest and investing in certain sectors like those related to war, alcohol and gaming.

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