IBANK 2.1.6 Accounts and Statements to use International Standards

(1) An Islamic banking business firm must prepare and keep its financial accounts and statements in accordance with the accounting standards of AAOIFI or any other accounting standards approved in writing by the Regulatory Authority.
(2) If the firm decides to prepare and keep its financial accounts and statements in accordance with a standard other than the one it has previously used, it must notify the authority in writing before beginning to do so.
Amended by QFCRA RM 2019-1 (as from 28th March 2019).