The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a public hearing, via video conferencing, on exposure drafts of its Financial Accounting Standard (FAS) “Presentation and Disclosures in the Financial Statements of Takaful Institutions” and “Accounting for Takaful: Recognition and Measurement” on Thursday, 24 March 2022. The public hearing was attended by over 90 participants.

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. 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 by end of 2022.

Those who are interested in providing comments on the exposure drafts may still do so by sending their feedback to accounting@aaoifi.com by 28 May 2022. The exposure drafts can be accessed through these links: [link], [link]