AAOIFI to Issue Standards for Online Islamic Crowdfunding by End 2021

https://islamicmarkets.com/articles/aaoifi-to-issue-standards-for-online-islamic-crowdfunding-by-end
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The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has said that it is currently working on a standard for online Islamic crowdfunding. According to Senior Manager - Standards Implementation and Strategic Developments at AAOIFI, Dr Rizwan Malik, the aim of the standard is to create a comprehensive framework with detailed governance guidelines on areas pertaining to cybersecurity and their related disclosure requirements.

The standard has been discussed at a working group, with a preliminary study already approved by the AAOIFI Governance and Ethics Board (AGEB), stated Dr Malik. The AGEB’s responsibility includes the issuance of standards related to auditing, ethics and governance...