AAOIFI
AAOIFI Shariah Standards (SS-8 through SS-39)
Overview
Islamic Open Finance™ designs every contract schema against the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Shariah Standards — specifically SS-8 through SS-39. Each contract type (Murabaha, Ijarah, Musharakah, Mudarabah, Salam, Istisna, Wakalah, Sukuk, Takaful, and Waqf) exposes a `shariahStructure`, `boardApproval`, `fatwahReference`, and `annualAudit` field in its schema, enforced at the API layer.
Scope
Applies to all Islamic contract rails: CORE_ISLAMIC_CONTRACTS category (19 rails), TAKAFUL (11 rails), ISLAMIC_FUNDS (7 rails), WAQF_SOCIAL_FINANCE (5 rails), CAPITAL_MARKETS (6 rails), and TRADE_FINANCE (4 rails).
Key Controls
- Shariah structure encoded in every contract schema (SS-8 to SS-39)
- Fatwah reference and board approval fields enforced at schema layer
- Annual Shariah audit hook exposed for external governance bodies
- Prohibited elements (riba, gharar, maysir) blocked at contract validation
- AAOIFI-aligned profit distribution and loss allocation mechanics
Certification & Audit
AAOIFI (planned external Shariah audit — 2026 Q4)
2026 Q4 — first annual Shariah audit scheduled
Evidence Bundle
Evidence bundle available on request
Contact compliance@islamicopenfinance.com to request the evidence pack for this framework. We typically respond to audit requests within two business days.