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Islamic Finance

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January 24, 2022

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Major Differences Between IFRS and AAOIFI Standards

The major differences between the international financial reporting standards and Islamic finance standards (those issued by AAOIFI) can be summarized in the following:

Key elements of financial statements.
Treatment, classification, and disclosures of investment accounts (restricted investment accounts and unrestricted investment accounts).
Form and substance of transactions.
Off-balance sheet and fiduciary items.
Treatment and classification of zakah and similar items.
Treatment of late payment penalties and insolvency.

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