REGULATIONS - AAOIFI - Shariah body issues 11 new standards

Dubai-based Shariah consultancy Minhaj Sharia’h Financial Advisory and Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI) have launched a set of 11 new Shariah standards that will help regional and global Islamic financial institutions tackle contemporary issues of banking, finance and investment.

FINANCE - Sharjah Islamic Bank launches 0% profit Hajj financing service

The first-of-its-kind service offered by an Islamic bank in the UAE will enable a lot of people to perform Hajj and pay back the cost via easy and affordable monthly installments for one year without any profit, fees or extra costs.

SHARJAH — Sharjah Islamic Bank, or SIB, has announced the launch of 0% profit financing service for Hajj 
under the theme “Perform Hajj this year and pay it off over the year with no profit”.