The newly formed AAOIFI Governance and Ethics Board held its 1st meeting

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) held the first meeting of its newly formed Governance and Ethics Board (AGEB) on 24th and 25th March 2020 via video conference.

Mr. Omar Mustafa Ansari, Secretary General (SG) of AAOIFI, opened the meeting and welcomed all the appointed members. He thanked them for having taken up the the AGEB’s membership despite their eventful work agendas and engagements, and wished them a prosperous term of office. He also thanked their respective institutions for nominating them and allowing their prestigious time to be shared with AAOIFI for its noble objectives. He reminded them that the Islamic finance industry expects a lot from this technical board which includes a number of distinguished experts and professionals from a variety of professional, disciplinary, and geographical backgrounds. The formation of AGEB took into consideration proper representation of different sectors within the Islamic finance industry and those serving and supervising such industry, as well as, the disciplinary backgrounds and work expertise of their memebrs.  AGEB has been formed with membership of 15 experts in the area of governance and ethics from different parts of the world.

At the commencement of the meeting, AGEB members decided to postpone the election of the chairman and deputy chairman for the next meeting. All members appreciated the efforts extended by AAOIFI for the development of the new strategy and the 4-year plan, and for the recent formation of the AGEB with membership of distinguished experts from around the globe.

As the main agenda item, the SG presented and the members discussed at length the board’s strategy and 4-year plan in the area of development, dissemination and adoption of AAOIFI governance and ethics standards. The new plan includes a number of new governance and ethics standards, and research projects within the scope of the board’s mandate. The members also reviewed the existing projects in the pipeline, and approved the overall work plan in addition to its plan for the year 2020, and then formed working groups from amongst board members to carry out development process on these projects. Also, the members of the professional auditing standards committee and translation committee were selected.

The next AGEB meeting will be held InshaAllah in June 2020 in Manama, Kingdom of Bahrain.