The translation committee of AAOIFI Governance and Ethics Board (AGEB) approved the issuance of the Arabic version of the exposure draft of the joint standard “IFSB-AAOIFI Revised Shari’ah Governance Framework for Institutions Offering Islamic Financial Services”. The English version of this standard was issued previously.

The exposure draft provides a revised set of guiding principles and rules on the key components of a sound and effective Shari’ah governance framework for institutions offering Islamic financial services (IIFS). The exposure draft is applicable on Islamic banking (including Islamic windows), Takaful (Islamic insurance) and Islamic capital market sectors.

AAOIFI completed the Arabic translation of the exposure draft through its approved mechanism, which comprises of several phases aimed at ensuring the quality and accuracy of the translation. The mechanism included the initial translation, a high-level revw of concepts and terminologies by AAOIFI secretariat, the proofreading phase through individual reviews and a series of meetings held by the assigned committee. The translation committee includes ten experts who combine deep knowledge of the English and Arabic languages, with Shari’ah expertise, and banking and legal background.

The Chairman of the translation Committee, Mr. Wael Mirza, stated: “I am pleased to announce the completion of the translation of this exposure draft and its official issuance in Arabic, after extensive discussions and deliberations. I would like to express my sincere thanks and appreciation to the members of the translation committee, as well as the secretariats of AAOIFI and IFSB for their contributions and tireless efforts in this regard”. He added: “I would like to invite all those who are interested in the Islamic finance industry to attend the public hearing which is planned to be conducted in Arabic on 15 June 2022, via video conferencing”.

Comments on the exposure draft are welcome and should be directed to:

Governance@aaoifi.com  and / or public_consultation@ifsb.org 

The exposure draft of “Revised Shari’ah Governance Framework for Institutions Offering Islamic Financial Services” in Arabic can be accessed through: Link 

You can also register to attend the public hearing in Arabic through: Link