The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), conducted a two-day public hearing session in Bahrain for its exposure drafts on financial accounting and governance standards on 17 and 18 July 2019 at the AAOIFI head-office premises in Bahrain.
This is the second public hearing session in Bahrain during this year with several public hearing sessions for AAOIFI accounting and governance standards taken place earlier in Egypt, Pakistan, United Arab Emirates, Kingdom of Saudi Arabia and most recently in Turkey among others.
The two exposure drafts presented included the Financial Accounting Standard (FAS) on “Wa’ad, Khiyar and Tahawwut” and Governance Standard for Islamic Financial Institutions (GSIFI) “Waqf Governance”.
The session was attended by personnel from the banking and finance profession, members of leading banks and audit firms, academicians, and Shari’ah experts. AAOIFI expressly acknowledges and appreciates the support of the industry and participants who attended physically and online.
All industry feedback received—in the form of questions, comments, suggestions, and recommendations—during the public hearings will be collated and taken back to the respective working groups and Boards to become subject of further discussion and deliberation before the final issuance of the standards.
Future public hearings will be held during 2019 in different parts of the world to obtain the industry feedback on other exposure drafts already issued by AAOIFI. The details of the future public hearings will be announced before the events for participation by the industry stakeholders.