Can We Really Trust the Standards Set by the AAOIFI?
Answered by Shaykh Faraz Rabbani
Question
I was trying to find permissible ways to invest money and stumbled upon the AAOIFI standards. Can they really be trusted?
Answer
The AAOIFI Standards are consensus standards for Islamic Financial Institutions.
They were put together through a robust consultative and collaborative process involving leading Islamic scholars and specialists in Islamic finance.
While specific scholars may have specific disagreements with particulars of the Standards–given their nature as consensus standards–most leading contemporary scholars specialized in Islamic finance trust and approve of the AAOIFI Standards.
And Allah is the giver of success and facilitation.
[Shaykh] Faraz Rabbani
Shaykh Faraz Rabbani is a recognized specialist scholar in the Islamic sciences, having studied under leader scholars worldwide. He is the Founder and Executive Director of SeekersGuidance.
Shaykh Faraz is a distinguished figure in Islamic scholarship. His journey to knowledge is marked by dedication and depth. He spent ten years studying under some of the most revered scholars of our times. His initial studies took place in Damascus, and he continued in Amman, Jordan.
In Damascus, he was privileged to learn from the late Shaykh Adib al-Kallas, who was renowned as the foremost theologian of his time. Shaykh Faraz also studied under Shaykh Hassan al-Hindi, Who is recognized as one of the leading Hanafi jurists of our era.
Upon completing his studies, Shaykh Faraz returned to Canada in 2007. His return marked a new chapter in his service to the community. He founded SeekersGuidance. The organization reflects his commitment to spreading Islamic knowledge. It aims to be reliable, relevant, inspiring, and accessible. This mission addresses both online and on-the-ground needs.
Shaykh Faraz is also an accomplished author. His notable work includes “Absolute Essentials of Islam: Faith, Prayer, and the Path of Salvation According to the Hanafi School,” which was published by White Thread Press in 2004 and significantly contributes to Islamic literature.
His influence extends beyond his immediate community. Since 2011, Shaykh Faraz has been recognized as one of the 500 most influential Muslims by the Royal Islamic Strategic Studies Center, which underscores his impact on the global Islamic discourse.
Shaykh Faraz Rabbani’s life and work are profoundly committed to Islamic scholarship. His teachings continue to enlighten and guide seekers of knowledge worldwide.
