BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Phase 1
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Phase 2
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Phase 3
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Phase 4
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Detailed explanation-1: -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).
Detailed explanation-2: -The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) oversees Islamic banking to ensure its members follow the rules and prohibitions established by Shari’ah law.
Detailed explanation-3: -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.