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MANAMA: Rules that govern Sharia-compliant Waad (promise), Khiyar (option) and Tahawwut (hedging) transactions for Islamic financial institutions have been put in place by a Bahrain-based standard-setting body.
The Accounting Board (AAB) of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) announced the official issuance of financial accounting standard (FAS) 38 Waad, Khiyar and Tahawwut .
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