MANAMA: A new standard developed by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) this year will help the industry to avoid hidden traps in Sharia decision making, it has emerged.
Discussions during the 14th edition of the AAOIFI-World Bank Conference that began in Bahrain yesterday centred around how Sharia decision-making is a cumulative and consultative exercise conducted by Islamic finance professionals in order to find a compliant and economically viable solution for an existing problem in the organisation or an approval of a product or service proposal .
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