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08 May | Friday
UAE Launches Initiative to Build Unified Global Legislative Framework for Islamic Finance

Launched by the UAE Ministry of Finance in partnership with the Islamic Development Bank (IDB) and the Dubai Islamic Economy Development Centre (DIEDC), the global legislative framework is set to enable the Islamic economy to expand its reach and responds to calls for greater standardisation within the sector. 

A memorandum of understanding (MoU) has already been signed between DIEDC and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), enabling DIEDC to use AAOIFI’s standards as a reference in building the international legal framework. 

source: Government of Dubai
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