AAOIFI
An organization that was established to maintain and promote the Shariah standards for l;l the Islamic financial institutions, participants and for the overall industry. Created last February 26, 1990 by the Accounting and Auditing Organization for Islamic Financial Institution, the organization wants to ensure that participants will conform to the regulations set for the Islamic finance. Areas such as governance, accounting, ethics, investments and transactions are the acceptable standard for various functions that was agreed by the founding and associate members of the AAOIFI.
POPULAR TERMS
Sharing Economy
Sharing Economy is an economic model. In this model, individuals are allowed to borrow and rent assets from someone else. The sharing economy model ...
Involuntary Cash-Out
Distribution of the balance of a participant’s retirement account under an eligible plan without the written permission of the participant, h ...
Bankruptcy
A legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by ...
Current Exposure Method
System that measures the credit risk of default from swaps, forwards, options, and other contracts. An investor’s total exposure is tantamoun ...
London Interbank Mean Rate - LIMEAN
The interest rate in the London Interbank market that is calculated by getting the average of the offer rate (LIBOR) and the bid rate (LIBID). This ...
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