Editing Islamic banking and finance (section)

===Financial accounting standards===
The '''[[Accounting and Auditing Organization for Islamic Financial Institutions]]''' (AAOIFI), has been publishing standards and norms for Islamic financial institutions since 1993.{{sfn|Khan|2013|p=6}} By 2010, it had issued "25 accounting standards, seven auditing standards, six governance standards, 41 ''shari'ah'' standards and two codes of ethics."{{sfn|Khan|2013|p=6}} (By 2017 it had issued 94 standards in the "areas of Shari’ah, accounting, auditing, ethics and governance".)<ref name="AAOIFI-web">{{cite web|title=About AAOIFI|url=http://aaoifi.com/about-aaoifi/?lang=en|website=AAOIFI|access-date=14 August 2017}}</ref> Although it is an independent body, its "pronouncements on the acceptability or otherwise of contractual structures in relation to Islamic financial instruments are to be viewed in the same vein as regulatory edicts."<ref name="HIHB2015:33">[[#HIHB2015|Irfan, ''Heaven's Bankers'', 2015]]: p.33</ref><ref name="irfan-33">{{cite book|last1=Irfan|first1=Harris|title=Heaven's Bankers: Inside the Hidden World of Islamic Finance|date=2015|publisher=Little, Brown Book Group.|page=33|url=https://books.google.com/books?id=uJ3ABAAAQBAJ&q=nizam|access-date=28 October 2015|isbn=9781472105066}}</ref> Its standards are mandatory for Islamic financial institutions in Bahrain, Sudan, Jordan and Saudi Arabia, and recommended for other Muslim countries and Islamic financial institutions according to Muhammad Akram Khan.{{sfn|Khan|2013|p=6}}
{{#tag:ref|According to Oxford-Analytica, as of 2010 AAOIFI's standards are mandatory for Islamic financial institutions in Bahrain, Dubai International Financial Centre, Jordan, Sudan, Syria and Qatar<ref name="Oxford-Analytica">{{cite journal|last1=Oxford Analytica|title=Islamic Finance Moves Toward Common Standards|journal=Forbes|date=9 March 2010|url=https://www.forbes.com/2010/03/08/islam-finance-sharia-business-oxford-analytica.html|access-date=14 August 2017}}</ref>|group=Note}} Established in Algiers in 1990, its original name was Financial Accounting Organization for Islamic Banks and Financial Institutions. It later moved its headquarters to Bahrain.{{sfn|Khan|2013|p=6}}

The '''International Islamic Financial Market''' – a standardization body of the '''[[Islamic Financial Services Board]]''' for Islamic capital market products and operations – was founded in November 2001 through the cooperation of the governments and central banks of Brunei, Indonesia and Sudan. Its secretariat is located in Manama Bahrain. It is not a regulatory body and its recommendations are "not implemented by most Islamic banks".{{sfn|Khan|2013|pp=309-310}} Faleel Jamaldeen differentiates its controlling body (Islamic Financial Services Board) from the other Islamic Financial standards organ, the AAOIFI, saying,<blockquote>the AAOIFI sets best practices for handling the financial reporting requirements of Islamic financial institutions, IFSB standards are mainly concerned with the identification, management, and disclosure of risk related to Islamic financial products.<ref name="FJIFD2012:54">[[Sukuk#FJIFD2012|Jamaldeen, ''Islamic Finance For Dummies'', 2012]]:54</ref></blockquote>
Individual countries also have accounting standards. The [[Institute of Chartered Accountants of Pakistan]] issues Islamic Financial Accounting Standards (IFAS).