AAOIFI’s Sharia’a Standards

I’ve been looking for this document for a while.  I don’t know if I just missed it in  my previous searches or if it only came up recently but I’m glad I found it.  You can download it from here:


AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions.

I was specifically interested in looking at their standards for investing in Sharia’a compliant stocks.  While there are a number of slightly different (but overall very similar)  rule books to follow for Sharia’a compliance (Dow Jones,  FTSE, MSCI, S&B and AAOIFI being the standard ones), AAOIFI is often considered the gold standard, with the most conservative methods of determining Sharia’a compliance.

I just wanted to know the specific details.

It’s a huge document (over 1200 pages).  The paper that discusses stocks and bonds starts on page 560.

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