Standard AAOIFI on Islamic insurance in Russian was published.

Islamic insurance. (Takaful): Shariah standard № 26: [translation from English] / Accounting and auditing organization for Islamic financial institutions (AAOIFI); [Editors: R.R.Vakhitov, etc.]. – М: Islamic book, 2010. – 36 p. ISBN 978-5-904491-15-4.

The typical contract of insurance used by the commercial insurance companies, assumes presence of considerable uncertainty of conditions for the insurer, and for the insured; the profit is taken from the operation of insurance. It makes such contract void and forbidden from the point of view of Sharia.

Sharia standard № 26 «Islamic insurance», accepted in 2006, represents the description of Sharia requirements to the contract of Islamic insurance - the contract with the joint responsibility of the parties, based on charity and mutual aid principles according to Islam positions about partnership. The insurer and the insured in Islamic insurance are called participants, thus the first carries out management function by the insurance account on the basis of the contract of investment agency service or confidential management.

Accounting and auditing organization for Islamic financial institutions, AAOIFI is the international organization with headquarters in Manama (Bahrain), publishing shariah and auditing standards of operations of Islamic financing for Islamic financial institutions worldwide – Islamic banks, the insurance companies, investment funds.

01.10.2010