Login Get Started
HelpDesk
Shariah Board of AAOIFI Endorses New Shariah Standard on Payment Cards

Shariah Board of AAOIFI Endorses New Shariah Standard on Payment Cards

March 24, 2021

https://islamicmarkets.com/articles/shariah-board-of-aaoifi-endorses-new-shariah-standard-on-payment
Copy URL

By IM Insights

The Shariah Board of Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI) has endorsed the Shariah Standard on Payment Cards, which is an update from the first standard issued on cards 17 years ago, according to a statement issued by AAOIFI.

Why it matters?

Due to substantial technical developments in financial transactions, the AAOIFI’s Shariah Board resolved to re-look into the present version of the Standard and re-issue the Standard by keeping pace with recent developments. The new Standard was issued after several meetings which started from August 2020, with members of the Shariah Board and representatives of Visa Inc, in order to understand the advanced technical features related to credit cards.