The review of several standards of the takaful industry has been scheduled for the first semester of 2015 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), has announced the organization.
According to the data published by the AAOIFI during its annual conference, the change will concern, among others, the supervision of the retakaful activity, the issue of agency fees which should be separated from profits and the clarification of solidarity loans (qard hassan) definition.
A review of three accounting standards is also scheduled, to extend their fields to islamic bonds. Note, furthermore, that a review of investment accounts standards is expected in December to clarify the classification of deposits in islamic banks.