Shariah Standard on Payment Cards Approved and Issued by The AAOIFI in Collaboration With Visa

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has approved and issued a new Shariah standard named ‘Payment Cards’ (Shariah Standard 61) in collaboration with Visa, the international card company.

Why it Matters?

The standard was issued by the joined efforts of the Board, the drafting committee and the General Secretariat, collectively ensuring the fulfilment of all the criteria of the due process towards the final stage of development. The new standard is accessible through AAOIFI’s website to all stakeholders, including regulatory bodies, financial institutions, professionals, practitioners, scholars, the academia and the industry as a whole.

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