While some Muslim countries have required Islamic financial institutions in their respective jurisdictions to abide by the AAOIFI reporting standards, others allow such Islamic financial institutions to adopt the standards voluntarily.

Question

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The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) sets standards for Islamic finance, and while some Muslim-majority countries mandate adherence to these standards, others permit Islamic financial institutions to adopt them on a voluntary basis, reflecting a diversity in regulatory approaches across different jurisdictions.

While Some Muslim Countries Have Required Islamic Financial Institutions in Their