The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), in partnership with the Egyptian Islamic Finance Association (EIFA), has held an extensive public hearing on 15 October 2017, at Marriot Hotel, Cairo, in which the exposure drafts of three new standards have been discussed, namely Shari’ah standard No. (59) on Sale of Debt, auditing standard No. (6) on External Shari’ah Audit and governance standard No. (9) on Shari’ah Compliance Function. The session saw enriching discussions participated by a congregation of high-profile Fuqaha (jurists), members of Shari’ah Supervisory Boards, Islamic finance and banking experts, leaders and senior managers of Islamic financial institutions, economists, academicians, in addition to professionals and practitioners, Shari’ah supervisors, lawyers, regulatory and supervisory experts, and experts from a number of countries. The three exposure drafts were presented and discussed, and participants provided their valuable views and suggestions which will be compiled by AAOIFI’s General Secretariat, and in turn submit them to respective boards: AAOIFI’s Shari’ah Board and Governance and Ethics Board to take them into consideration and make necessary changes as they deem appropriate.
In this regard, it is worth noting that behind the widespread success and global reach of these standards lies a set of factors, primarily the thorough and sophisticated scholarly methodology (the due process) followed in the development of these standards through more than ten stages, including a very important one: submission of the exposure draft to a public hearing or a number of public hearings to be discussed at the level of the Islamic finance industry worldwide, with relevant stakeholders in order to make certain the draft standard is meticulous, of high quality, and compassing all practical aspects and newly emerging practices encountered by the industry practitioners.
On this occasion, H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI’s Board of Trustees extended thanks and appreciation to the Arab Republic of Egypt, both government and people, for the successful convention of this imperative professional and technical gathering, particularly addressing EIFA for their great hosting efforts and all the scholars and experts and the entire Islamic finance industry in Egypt for their active interaction and participation, which will hopefully be positively reflected in the quality, depth and reach of AAOIFI’s standards.