Westlaw Business Islamic Finance Center expands to include AAOIFI Islamic finance standards

Published December 17th, 2009 - 02:57 GMT

Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for global business law professionals within the Westlaw Business Islamic Finance Centre.
“AAOIFI is a thought leader in the development of international standards applicable to Islamic financial institutions,” said Kevin Ritchey, senior vice president, Westlaw Business.  “We are pleased to provide this exclusive information within the Islamic Finance Centre of Westlaw Business, ensuring business lawyers are confident they have the background and guidance they need for structuring Sharia-compliant transactions.”
 AAOIFI helps address issues that determine whether certain transactions or activities are compliant with Sharia laws and this information is essential in providing practitioners with the insights necessary to successfully structure transactions. AAOIFI standards are developed in consultation with leading Sharia scholars and experts in the field of banking, insurance, economics, law and asset management, thereby contributing to the professional development of the industry.
AAOIFI provides accounting, auditing, governance, ethics and Sharia standards for the Islamic finance industry as well as professional qualification courses for certified Islamic professional accountants and certified Sharia advisers and auditors. AAOIFI members include central banks, Islamic financial institutions, and other Islamic finance industry leaders from around the world.
According to Dr. Mohamad Nedal Alchaar, secretary general of AAOIFI, the partnership with Westlaw Business Islamic Finance Centre has been driven by the global demand for the application of AAOIFI standards in international Islamic finance products and services.  “AAOIFI standards are currently used by almost all financial institutions that offer Islamic finance. This has helped to promote harmonization of Islamic finance practices in the leading financial centres across the world,” added Dr. Alchaar.
The Islamic Finance Centre within Westlaw Business is the first Islamic transactional law site for the business law community, and provides insights and guidance on Islamic finance deals and industry standards for lawyers, investment bankers and product structuring teams. It is part of a global suite of research and workflow process tools aimed at business lawyers working on high-value transactions.

For additional information about Westlaw Business and its Islamic Finance Centre, go to http://currents.westlawbusiness.com and westlawbusiness.com. In addition to the Islamic Finance Centre, Westlaw Business features a global Business Citator, with filings and information relating to over 900,000 public and private businesses worldwide. Westlaw Business also includes these specialized online centres: M&A; Corporate Finance; Restructuring; Securities-UK; Securities-US; Securities-Canada; Private Equity; and LIVEDGAR.

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