AAOIFI, the international standards setting organization for Islamic financial institutions has approved and issued standards on transactions of Islamic financial institutions.
The two major standards are
Shariah standards and accounting standards.
Recently, AAOIFI with the assistance of international payment processed VISA has issued a standard on Payment. The sharia standard no is 61 is all about payment process by Islamic financial institutions. This standard can reduce the burden of sharia scholars and auditor who didn’t have an international standard to follow when processing the payment cards. The standards can be retrieved from AAOIFI.