Introduction to AAOIFI Standards
A clear first map of the Shari'ah, accounting, governance and auditing standards
Introductory · 15 hours · 32 lessons · Language: English and Arabic · ID: IFS-COU-0060
AAOIFI's standards are the common language of Islamic finance: banks, regulators, auditors and Shari'ah boards around the world rely on them. This free course gives you a clear first map of all of them.
Module by module, it introduces AAOIFI and how its standards are made, the Shari'ah Standards on currencies and debts, sales, leasing, partnership and agency, capital markets, insurance, zakah, waqf and banking services, the accounting framework and the Financial Accounting Standards, the governance standards, and the auditing standards and codes of ethics. For each standard you learn what it covers, its key rules and a simple example.
The course has 10 modules with readings, slides, study notes and practice quizzes, and a final exam of 30 questions in 60 minutes (70% to pass). It is free and a good first step before the specialised ifSPACE courses and AAOIFI examinations.
This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa. Keep the published standards at hand for their exact wording.
What you will learn
- Explain who AAOIFI is, what kinds of standards it issues and how they are developed and adopted
- Describe the main Shari'ah Standards on currencies, debts, guarantees and sales
- Describe the main Shari'ah Standards on leasing, partnership, agency, capital markets, insurance, zakah and waqf
- Explain the purpose of the accounting framework and the main Financial Accounting Standards
- Outline the governance standards, the auditing standards and the codes of ethics
- Find the right standard for a practical question and read it with confidence
Syllabus
1.AAOIFI and its standards: an overview
- Welcome to the course1 min
- Who AAOIFI is, what it issues and how to read a standard30 min
- Module 1 presentation15 min
- Module 1 practice quiz15 min
2.Shari'ah Standards I: currencies, debts and guarantees
- Currencies, debts, default, set-off, guarantees, hawalah, loans and mortgage30 min
- Module 2 presentation15 min
- Module 2 practice quiz15 min
3.Shari'ah Standards II: sales
- Murabahah, salam, istisna'a, commodities, tawarruq, online dealings and gold30 min
- Module 3 presentation15 min
- Module 3 practice quiz15 min
4.Shari'ah Standards III: leasing, partnership and agency
- Ijarah, musharakah, mudarabah, investment agency and combining contracts30 min
- Module 4 presentation15 min
- Module 4 practice quiz15 min
5.Shari'ah Standards IV: capital markets, insurance, zakah, waqf and banking services
- Sukuk, shares, Islamic insurance, zakah, waqf, banking services and fatwa30 min
- Module 5 presentation15 min
- Module 5 practice quiz15 min
6.Accounting I: the conceptual framework and presentation
- The conceptual framework and FAS 130 min
- Module 6 presentation15 min
- Module 6 practice quiz15 min
7.Accounting II: financing and investment transactions
- Murabahah, ijarah, credit losses, investments and wa'd (FAS 28, 32, 30, 33, 38)30 min
- Module 7 presentation15 min
- Module 7 practice quiz15 min
8.Accounting III: investment accounts, reserves, sukuk, windows and groups
- Investment accounts, reserves, sukuk-holders, windows and consolidation30 min
- Module 8 presentation15 min
- Module 8 practice quiz15 min
9.Governance standards
- The Shari'ah governance framework and the governance standards30 min
- Module 9 presentation15 min
- Module 9 practice quiz15 min
10.Auditing standards, ethics and using the standards in practice
- Auditing standards, the Codes of Ethics and using the standards day to day30 min
- Module 10 presentation15 min
- Module 10 practice quiz15 min
- Course summary and where to go next20 min