The Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI’s) Accounting Board (AAB / the board) held its 1^st meeting for its new term (2024-2028), on 5 March 2024, after completion of the selection and formation process of the new board at the end of February 2024. It marks the 37^th meeting of the board since constitution in 2016.

On this occasion, Mr. Omar Mustafa Ansari, the Secretary General, AAOIFI welcomed the newly appointed board, stating: “The new board has a diversified representation of subject-matter experts and professionals, regulators and practitioners which will further strengthen the AAOIFI financial accounting standards development (the due process).” He added that “personally and on behalf of the AAOIFI secretariat and AAOIFI Board of Trustees would like to express profound gratitude and appreciation for the contribution of the outgoing board members. The last four years output was exceptional with the issuance of a new (revised) financial reporting framework, 14 financial accounting standards and additionally five exposure drafts of financial accounting standards.”

After mutual introduction of all board members, the election of chairman and deputy chairman took place. Mr. Hamad Al Oqab and Mr. Syed Najmul Hussain were re-elected unopposed as chairman and deputy chairman, respectively.

As the main agenda of the meeting the board reviewed and principally approved its strategy and work plan for the four-year term.

The newly re-elected chairman, Mr. Hamad Al Oqab, stated that: “The board will continue in its endeavor to develop, review and update financial accounting standards that are Shari’ah compliant and properly address the reporting requirements of all stakeholders across the wider Islamic finance industry”. He added that: “For a more robust standard setting process, I suggest that the secretariat shall regularly conduct post implementation studies and analysis of the impact of financial accounting standards issued.”

Mr. Syed Najmul Hussain, re-elected deputy chairman, stated that: “As the board has approved its four-year plan, as a part of its overall strategy, I hope the undergoing and new projects will continue in the same momentum in order to properly address the industry’s ever-changing needs of high-quality standards”. He added “I look forward to moving on with the development and review process, while considering any potential subjects and topics that have not been already covered.”