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FAS 45 “Quasi-Equity (Including Investment Accounts)”

Standard No. FAS 45
Accounting
Effective: January 1, 2026
ENGLISH
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About This Standard

AAOIFI Financial Accounting Standard (FAS) 45 “Quasi-Equity (Including Investment Accounts)” is set out in paragraphs 01-54. All the paragraphs have equal authority. This standard should be read in the context of its objective and the “AAOIFI Conceptual Framework for Financial Reporting”. It shall also be read in conjunction with FAS 44 “Determining Control of Assets and Business” and FAS 46 “Off-Balance-Sheet Assets Under Management”. All AAOIFI FASs shall be read in conjunction with the definitions, Shari’ah principles and rules and the key considerations provided by AAOIFI Shari’ah Standards in respect of such products and matters.

Standard Outline

  1. Preface
  2. Introduction
  3. Quasi-Equity (Including Investment Accounts)
  4. Objective of the standard
  5. Scope
  6. Definitions
  7. Classification of investment accounts and other instruments: on-balance-sheet vs. off-balance-sheet
  8. Allocation of assets to investment pools pertaining to quasi-equity
  9. Recognition, measurement and derecognition
  10. Commingling of Al-Wakala Bi Al-Istithmar
  11. Quasi-equity Sukuk and other instruments
  12. Currency for quasi-equity
  13. Presentation and disclosures
  14. Effective date
  15. Amendments to other standards
  16. Appendices
  17. Appendix A: Adoption of the standard
  18. Appendix B: Basis for conclusions
  19. Appendix C: Brief history of the preparation of the standard
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