Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organization for Islamic finance, held the second meeting of its newly formed Accounting Board (AAB) on 30th – 31st July 2016, in the Kingdom of Bahrain.
The meeting was graciously hosted by Al Baraka Banking Group (ABG) at its headquarters, where Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group (ABG), welcomed Board members, and re-assured ABG’s keenness to support AAOIFI and the broader Islamic finance industy’s initiatives.
Mr. Hamad Eqab, Chairman, AAB, opened the meeting and welcomed the Board members, and Mr. Omar Mustafa Ansari, Deputy Secretary General, AAOIFI, welcomed the Board memebrs and thanked them for their sacrifice of valuable time towards AAOIFI’s mandate. He also expressed gratitude to ABG for hosting the meeting.
The board reviewed updates and follow-up on its work plan for 2016 including projects on several financial accounting standards that were assigned to respective working groups.
In particular, the Board discussed the following:
The next AAB meeting will be held at the end of September 2016 in Manama, Kingdom of Bahrain.