Accounting and Auditing Organization for Islamic Financial Institutions AAOIFIs’ Shari’ah Board Holds its 53rd Meeting, Resuming Discussion on “Sale of Debt” and “Waqf” Standards – AAOIFI

AAOIFIs’ Shari’ah Board Holds its 53rd Meeting, Resuming Discussion on “Sale of Debt” and “Waqf” Standards

AAOIFIs’ Shari’ah Board held its 53rd meeting over the span of three days from 10 to 12 Shaaban corresponding to 26 – 28 April 2018 in Madinah- Kingdom of Saudi Arabia. Discussion on the all-important “Sale of Debt” Standard continued during this meeting. This standard is embedded with a wide array of issues relating to the products and contracts offered and used by the Islamic finance industry.

Due to the vitality of the issues tackled under this standard, it has taken the Board members three consecutive meetings to discuss its draft. Eventually, the Board has decided to assign the task of conducting a brief study on several issues associated with this standards to a specific group of its members who will be expected to present in the next meeting that will be held in September 2018.

The Shari’ah Board also resumed its discussion of the study and draft standard on Waqf, and it plans to complete deliberating embedded issues in its next meeting.

Furthermore, the General Secretariat presented reports summarizing the technical efforts related to Shari’ah standards, Shari’ah sub-committees, and the progress made on the projects of Shari’ah standards translation.

In this regard, the Board commended the efforts exerted by the sub-committees and the Secretariat.

In view of the greater level of the activities undertaken by the sub-committees, the Board had already approved the dates for convention of five meetings in the year 2018.