One of the objectives of financial accounting standards for Islamic banks and financial institutions as identified by AAOIFI is to assist the Islamic banks, in the absence of accepted accounting standards, in making choices among alternative accounting treatments

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AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) aims to provide a set of standards to guide Islamic banks and financial institutions in their accounting practices, especially in situations where conventional accounting standards may not offer clear guidance due to the unique nature of Islamic finance.

One of the Objectives of Financial Accounting Standards for Islamic