The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) organised a public hearing, via video conferencing, on exposure draft of its Financial Accounting Standard (FAS) “Transfer of Assets between Investment Pools”.

The virtual public hearing was held in collaboration with Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and Bangladeshi AAOIFI Fellows Forum (BAFF) with the participation of more than 150 experts, practitioners and stakeholders on Wednesday, 3 May 2023.

Mr. Mohammad Majd Bakir, Director, Professional Standards Development, AAOIFI, delivered welcoming remarks and a brief overview of the draft standard.

The exposure draft was presented by Mr. Omar Mustafa Ansari, AAOIFI Secretary General who walked through the content and structure of the exposure draft, the rationale for issuance and the need identified by the board for a revision of FAS 21 “Disclosure on Transfer of Assets”. The session was accompanied by an interactive Q&A round during which the participants raised specific questions and comments and received answers and explanation on the same.

AAOIFI expressly acknowledges and appreciates the support of the industry and expert participants who included professionals and subject matter experts from various fields and backgrounds as well as academicians and Shari’ah scholars. AAOIFI would like also to extend special thanks to the partners/stakeholders in the Republic of Bangladesh for their collaboration and support towards the successful convention of the public hearing.

All industry feedback received — in the form of questions, comments, suggestions, and recommendations — will be collated and taken back to the respective working group and raised to AAOIFIs Accounting Board (AAB) for further deliberation. The final standard is expected to be issued within the third quarter of 2023.

“Transfer of Assets between Investment Pools” Link to ED: link