Accounting Standards for Islamic Financial Institutions will appear in Russian

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Shari’a Standards for Islamic Financial products issued by the Accounting Association of Islamic Financial Institutions (AAOIFI) will soon be presented in Russian. An agreement was reached during the visit of the Delegation of Council of Muftis of Russia to Bahrain last December.

The first product standards will be published in February 2010 and will include operations such as murabaha (deferred sale finance), sukuk (interest-free loans) and takaful (an Islamic insurance concept).

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