Ijma meaning

Introduction Shari’ah—also rendered as Sharia, Shariah, or Shari’a—literally means, in Arabic, ‘the path towards the watering place’. As Islamic law, it is the religious legal framework of Islam, laying down duties and a code of conduct for people to observe so that they can lead their lives in a rewarding and worthwhile way. According to Potter LJ, much of the classical Islamic law governing financial dealings is not set out as formal ‘rules’ or ‘law’ in the Qur'an and Sunnah; instead, it rests on the often differing opinions of established schools of law that took shape roughly between 700 and 850 CE...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...