Wikipedia:Articles for deletion/Accounting and Auditing Organization for Islamic Financial Institutions
- The following discussion is an archived debate of the proposed deletion of the article below. Please do not modify it. Subsequent comments should be made on the appropriate discussion page (such as the article's talk page or in a deletion review). No further edits should be made to this page.
The result was keep. ]
Accounting and Auditing Organization for Islamic Financial Institutions
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The organization does not seem notable. But its founders are notable. ❁ᴀᴜᴛʜᴏʀ❁ (❁ᴅᴏᴍ❁) 04:23, 11 March 2020 (UTC)
- Note: This discussion has been included in the list of Organizations-related deletion discussions. ❁ᴀᴜᴛʜᴏʀ❁ (❁ᴅᴏᴍ❁) 04:23, 11 March 2020 (UTC)
- Note: This discussion has been included in the list of Islam-related deletion discussions. ❁ᴀᴜᴛʜᴏʀ❁ (❁ᴅᴏᴍ❁) 04:23, 11 March 2020 (UTC)
- Note: This discussion has been included in the list of Economics-related deletion discussions. ❁ᴀᴜᴛʜᴏʀ❁ (❁ᴅᴏᴍ❁) 04:23, 11 March 2020 (UTC)
- Note: This discussion has been included in the list of Pakistan-related deletion discussions. ❁ᴀᴜᴛʜᴏʀ❁ (❁ᴅᴏᴍ❁) 04:23, 11 March 2020 (UTC)
- Keep. The average reader/editor won't understand from the current article, what is special/different about Islamic accounting. How could it be different? Well the big deal is the no-usury requirement in Sharia law. No charging interest is allowed. (The Christian bible also outlaws usury, I think, but in practice it is understood that usury means high/unreasonable/exploitative interest rates.) In Islam, interest rate = zero, only. How can one do accounting for bonds, loans, financing of any kind, if it is not possible to recognize interest? Any Western bank in an Islamic country, if it gives conventional reports, would be committing crimes, I think. It is necessary to construct convoluted-in-my-view financing agreements, e.g. make complicated agreements where various things are exchanged, perhaps including exchange of goods with their values not expressed in monetary terms, or the like, I think.
- This article is about the largest organization and effort towards rationalizing this stuff, I think. It is important to allow business processes / economies to work, without running afoul of religious laws/forces; it is important to moderate/negotiate with fundamentalist forces, I think. And this organization is major, as the article says:
AAOIFI was established in accordance with the Agreement of Association which was signed by Islamic financial institutions on 26 February 1990 in Algiers. Then, it was registered on 27 March 1991 in Bahrain. It has members from more than 45 countries, including central banks and Islamic financial institutions and other parties working in the financial industry and banking, Islamic International. The commission has obtained support for the application of the standards issued by it, where these standards are dependent today in the Kingdom of Bahrain and the Dubai International Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria. The competent authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa issued guidelines derived from the standards and publications.
- Sure, the article should be developed to address this stuff head-on, and to avoid euphemisms about what needs to go on, cutting through any b.s. involved. Comments at Talk page and tagging article for development would be appropriate. But ]
- Actually the Wikipedia articles Islamic banking and finance and Profit and loss sharing seem to be pretty good. The first explains the introduction of the AAOIFI; both address quandaries of Sharia not allowing bad "riba". In my comment above i trying to reason how riba/interest can be avoided in contracts. One major approach is to use equity financing only, not fixed interest rates. So a bank can accept deposits but won't promise any fixed interest payments to depositors, who are profit shareholders in the businesses/projects that the bank provides funds to. And the businesses are not required to provide fixed interest payments back, but rather provide back shares of profits (according to what they choose to disclose back). This kind of approach is inefficient, exacerbating problems of moral hazard, and making it difficult/impossible for Sharia-compliant processes to benefit from tax deductions of interest payments. Abdel-Karim's paper cited in the article explains, diplomatically, some of the challenges for AAOIFI. Literally one danger is having fatwas put out by Islamic fundamentalists which decree that some practices or institutions are bad and worthy of punishment.
- The deletion nomination does not address the sources in the article, which suffice IMO. --Doncram (talk) 07:56, 12 March 2020 (UTC)
- The above discussion is preserved as an archive of the debate. Please do not modify it. Subsequent comments should be made on the appropriate discussion page (such as the article's talk page or in a deletion review). No further edits should be made to this page.