AAOIFI publishes Central Shari’ah Board Standard Exposure Draft and Invites opinion from Islamic Finance Industry

In line with global best practices, the Governance and Ethics Board (AGEB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has published the exposure draft of AAOIFI’s governance standard on Central Shari’ah Board, and in this respect invites opinion and feedback from the Islamic finacne industry.

The exposure draft provides detailed and comprehansive guidance on the definition, scope of work, responsibilities, appointment, composition, independence, terms of reference of a Central Shari’ah Board and other relevant issues.

With this regard, AAOIFI plans to hold public hearings on the draft standard in different parts of the world. Comments on the exposure draft are welcome and should be directed no later than 28 February 2017 to this email: [email protected] All the notings and suggestions of the public hearings will be presented to AGEB in an upcoming meeting to decided about it and amend accordingly.

The exposure draft can be accessed by clicking HERE