The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the fourth meeting of its Public Interest Monitoring Consultative Committee (PIMCC) via video conference on 04 December 2022.

The meeting commenced with opening remarks by the chairman of the PIMCC Mr. Adnan Ahmed Yousif, President and CEO of LemrAir Consultancy and Chairman of Bahrain Association of Banks (BAB) who welcomed and thanked the respectable members for joining this important meeting.

The meeting was attended by all the seven full members of the PIMCC. The agenda of the meeting included among others presentation of two AAOIFI Governance Standards and presentation of AAOIFI standards development and implementation strategy. All documents related to the meeting were made available to the PIMCC members prior to the meeting.

The exposure draft (ED) related to AAOIFI Governance and Ethics Board (AGEB) of the standards included Shari’ah compliance and fiduciary rating of Sukuk and other Islamic finance instruments and institutional framework for implementation of code of ethics.

These standards were presented by Mr. Omar Mustafa Ansari, Secretary General of AAOIFI who stated “we are thankful to the PIMCC members for sharing their feedback and experience on these standards in the fouth meeting since establishment of this important committee. We have taken note of the feedback and shall incorporate it in the standards before taking them to the next stage.”

PIMCC members raised some pertinent questions on the standards and sought some clarifications after which they endorsed the standards. Additionally, the PIMCC highly commended the top quality standard setting process, as well as, the efforts of the respective boards at AAOIFI in developing these important standards.