BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2000
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1990
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1962
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1971
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Detailed explanation-1: -History. AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.
Detailed explanation-2: -The AAOIFI is an organization that works to create and publish accounting and reporting standards for businesses under Shariah law. The organization is similar to non-Islamic organizations such as the International Accounting Standards Board.
Detailed explanation-3: -One of AAOIFI’s latest standards is about “Sale of Debts” (Standard No:59).
Detailed explanation-4: -The objective of AAOIFI is to establish contemporary accounting thought that test these objectives against Islamic Shari’ah, thereby embracing those that are consistent with Shari’ah and disallow those objectives that are against Shari’ah (Maurer, 2010).