AAOIFI issues Financial Accounting Standard 37 “Financial reporting by Waqf institutions”
Manama, Kingdom of Bahrain December 22, 2020 - The Accounting Board (AAB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has officially issued financial accounting standard (FAS) 37 “Financial reporting by Waqf institutions”. This standard has been finalized by the board after extensive discussions and due deliberations involving comments received from Shari’ah scholars representing various jurisdictions worldwide as well as those received in writing from industry experts at different stage of development including public hearings.
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