French translation of the AAOIFI Shari’ah standards
We are very pleased to confirm the translation of the AAOIFI* Shari’ah standards into French.
Paris Europlace** announced last November (2011), at the WIBC conference in Bahrain, that AAOIFI had approved the French translation of 20 of the main Shari’ah standards.
Your CIFIE Shari’ah Board received official thanks from Paris Europlace for its commitment and very active participation in the translation and legal review of these standards.
Proud of this work and strengthened by it, we continue our commitment and our efforts to raise awareness of and promote Islamic finance in France.
See on this subject:
and above all the PDF of the press release:
http://www.paris-europlace.net/files/Press_Release-AAOIFI-Paris_EUROPLACE.pdf
Extract:
Further to the signing of a MoU between Paris EUROPLACE and AAOIFI in 2009,the French translation has been carried out by the Paris EUROPLACE’s Islamic Finance Law Committee, consisting of lawyers, bankers, Islamic finance experts including the main charia consultancies,COFFIS (Conseil Français de la Finance Islamique) and CIFIE (Conseil Indépendant de la Finance Islamique en Europe).
This substantial work focuses on the main 20 charia standards out of 44 existing standards and has been validated by AAOIFI. This is a very important step to promote and foster Islamic finance in French-speaking financial centers in Europe,Maghreb and Sub-Saharan Africa
Footnotes:
*AAOIFI: Accounting and Auditing Organization for Islamic Financial Institutions. It is an independent, not-for-profit organisation. It is responsible for accounting, auditing, governance and Shari’ah standards for Islamic financial institutions. AAOIFI was established under the Agreement of Association signed by Islamic financial institutions on 26 February 1990 in Algiers. AAOIFI was registered on 27 March 1991 in the State of Bahrain as an independent international organisation. AAOIFI is supported by institutional members (200 members from 45 countries so far), including central banks and Islamic financial institutions. AAOIFI standards have now been adopted in the Kingdom of Bahrain, the Dubai International Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria. Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa have also issued guidelines based on AAOIFI standards.
For further details, see the organisation’s official website: http://www.aaoifi.com/
**Paris EUROPLACE: the organisation responsible for promoting the Paris financial centre to international investors. Paris EUROPLACE was created by the main representative institutions of the Paris financial centre: AFECEI (Association Française des Etablissements de Crédit et des Entreprises d’Investissement), Banque de France, Caisse des Dépôts et Consignations, Paris Chamber of Commerce and Industry, Regional Council of Ile-de-France, Euronext Paris, Euroclear (formerly Sicovam), and the City of Paris.
Around these founders, Paris EUROPLACE today brings together more than 150 member institutions. One of the distinctive features of Paris EUROPLACE is that it brings together the full range of players in the financial industry: industrial and commercial companies, banks, brokerage firms, asset management companies, professional associations, consulting firms, law firms and other ancillary professions.
Official website: http://www.paris-europlace.net/index_fr.htm