ISO 20022
The international standard for financial messages, with a shared data dictionary and business process catalogue.
This ISO standard is a multi-part international standard prepared by the ISO technical committee on financial services, describing a common platform for developing financial messages. Its repository holds a data dictionary and a business process catalogue, and its catalogues cover domains such as payments, securities, trade finance, cards and foreign exchange, with external code sets and supplementary data maintained through change requests. Islamic products travel over the same messages, so carrying contract types and Shariah evidence depends on how those code sets and extensions are used.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.