AAOIFI to Issue Standards for Online Islamic Crowdfunding by End 2021
December 03, 2020
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...