AAOIFI Officially Issues Financial Accounting Standard 37 on Financial Reporting by Waqf Institutions

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has officially issued financial accounting standard (FAS) 37, titled ‘Financial Reporting by Waqf Institutions’, according to a recent statement by AAOIFI. The standard was finalised by the Accounting Board (AAB) of the AAOIFI following discussions and deliberations from global Shariah scholars and industry experts.

FAS 37 addresses financial and accounting reporting requirements of Waqf institutions to ensure compliance with Shariah principles and rules. According to the AAOIFI statement, the implementation of the standard is expected to improve the effectiveness and efficiency of Waqf operations, as well as increasing benefits and encouraging accountability and proper management....