MANAMA: The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) working in concert with Future Investment has prepared a new draft Sharia standard on Waqf, for which the organisation is inviting feedback from the industry and experts.
A statement said the new construction of the standard distinctly covers a wide arrage of newly emerging issues and applications and sets out Sharia rulings for providers, custodians and beneficiaries of Waqf as well as relevant legislative bodies and regulatory and supervisory authorities, among others .