https://journals.smarcons.com/index.php/iecs <p>The Journal of Islamic Economics and Contemporary Studies (JIEC) is a peer-reviewed international research journal published quarterly by the Society of Management Research and Consultancy (SMARCONS), UK, in the field of Islamic Economics, Finance, and Banking. It aims to achieve excellence in the field of Islamic Finance by publishing quality research papers. For this purpose, the journal encourages scholars and researchers to contribute their qualitative and quantitative research works in the field of Islamic Economics, Finance, Banking, and other allied areas.</p> en-US Islamic Economics and Contemporary Studies https://journals.smarcons.com/index.php/iecs/article/view/89 <p>Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Bank Negara Malaysia (BNM) are the two biggest international standard setting bodies. These bodies issued standards on Shari’ah, auditing and accounting for Islamic Financial Institutions around the globe. AAOIFI is the top recognized whereas BNM is at second in acceptance. This paper makes the comparison of Shari’ah standard on bai Al-sarf issued by AAOIFI and BNM to highlight the differences and make few suggestion for the standardization. Archival research methodology is used for the comparison and analysis. The study compares the similarities and differences between the two sets of standards, with a focus on their principles and objectives. The paper provides valuable insights into the similarities and differences between the two Shari’ah standards. Furthermore, it is suggested to remove the differences in order to increase the acceptability around the globe. The removal of differences and standardize the conditions of Bai-sarf, the practices of trading in currencies may be harmonize throughout the world which enhance the effectiveness and acceptability not only in Muslim world but in Non-Muslim world.</p> Zain Ul-Abideen Muhammad Yousuf Hassan Muhammad Naveed Aslam Muhammad Akmal Copyright (c) 2023 Journal of Islamic Economics and Contemporary Studies 2023-07-05 2023-07-05 1 1