AAOIFI working on Islamic crowdfunding standards for end of 2021
Islamic finance standards-setting body AAOIFI is working on a standard for online Islamic crowdfunding and plans to have it ready by the end of next year.
"The objective of this standard is to set out a comprehensive framework for Islamic crowdfunding governance with detailed coverage of areas relating to the cybersecurity and disclosure requirements in such instruments," Dr. Rizwan Malik, Senior Manager, Standards Implementation & Strategic Developments at AAOIFI, told Salaam Gateway.
He said the standard has been discussed at a working group, and a preliminary study presented to the AAOIFI Governance and Ethics Board (AGEB) was approved. The AGEB is responsible for issuing standards related to governance, auditing and ethics.
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