Three new Shariah standards for Islamic finance published in Russian

Date: 25.03.2014

New items of Shariah standards were published in Russian. In addition to the already published translations of standards "Musharaka", "Mudaraba", "Ijara", "Murabaha", "Sukuk", "Converting of the traditional bank to Islamic bank ", "Card", "Islamic Insurance" in Russian also published standards "Salam", "Istisna'a" and "Arbitration Court".

The purpose of Standard № 10 "Salam" is to establish Shariah regulations and norms governing operations Salam and Parallel Salam in part the order conclusion of corresponding contracts, the essential aspects of such operations, actions taken in the case of the possibility to make the delivery, and at difficulty with this, and as the position on the issue of sukuk on the basis of Salam.

Shariah standard № 11 "Istisna" is dedicated to Sharia regulations and norms governing contractual agreement and the parallel contractual agreement in order to sign the corresponding contract, its object, possible emergencies, work performance and control over the execution.

Standard № 32 "Arbitration Court" clarifies objectives of the arbitration court, its conditions and scopes of application, characteristics of judges, acts and decisions of the arbitration, the order of judgment and its execution, the application of the arbitration court by Islamic financial institutions. Accounting and auditing organization for Islamic financial institutions (AAOIFI) is an international organization with headquarters in Manama (Bahrain), that publishes Shariah and auditing standards of Islamic financing operations for Islamic financial institutions worldwide: Islamic banks, insurance companies, investment funds.

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