Industry body planning standards for Islamic endowments

Manama

THE Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will develop a package of standards covering Islamic endowments, known as awqaf, the Bahrain-based body said late on Wednesday.

AAOIFI, one of the main standard-setting bodies in Islamic finance, said that its board had approved a plan to issue guidance covering Syariah-compliance, accounting and governance of awqaf, with a working group established for the project.