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". Faleel Jamaldeen differentiates its controlling body (Islamic Financial Services Board) from the other Islamic Financial standards organ, the AAOIFI, saying,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.Jamaldeen, Islamic Finance For Dummies, 2012:54 Individual countries also have accounting standards. The Institute of Chartered Accountants of Pakistan issues Islamic Financial Accounting Standards (IFAS).
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" faleel jamaldeen differentiates its controlling body (islamic financial services board) from the other islamic financial standards organ the aaoifi sayingthe 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 productsjamaldeen islamic finance for dummies 201254 individual countries also have accounting standards the institute of chartered accountants of pakistan issues islamic financial accounting standards (ifas)