What does CVIF mean in FINANCE

Conventional Versus Islamic Finance (CVIF) is a comparison of two different financial systems. The term "conventional" refers to the traditional banking system that has been used for centuries, while "Islamic" finance refers to the religious guidelines set forth by Islamic law, or sharia, which govern many aspects of economic activity.

Some key differences between conventional and Islamic finance include the way interest rates are determined and managed, as well as how investments can be structured, such as whether they must be equity-based or debt-based. In addition, there are also differences with regards to socially responsible investing practices and risk management techniques.

Depending on which system you choose, various types of products can be offered. In conventional banking, loans and mortgages are offered at a fixed rate of interest with repayment terms over a specific period of time. On the other hand, Islamic banking offers Sharia-compliant products such as murabaha (cost-plus financing), ijara (leasing) and takaful (insurance).

Yes, there is an official oversight body known as AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions). This organization sets standards for all aspects related to compliance in both conventional and Islamic finance.

Yes, there can often be cost differences associated with each system due to factors such as taxes or fees associated with certain transactions or services. It is important to research these costs before deciding which system best fits your needs so you can make an informed decision.