The Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) held the first meeting of its newly formed AAOIFI Governance and Ethics Board (AGEB) for the term 2024-2028 on 07 March 2024, via video conferencing, after completion of the selection and formation process of the new board at the end of February 2024.

Mr. Omar Mustafa Ansari, Secretary General (SG) of AAOIFI, opened the meeting and welcomed all the respective members. He expressed his gratitude to them for accepting the AGEB’s membership and their commitment to the cause of AAOIFI despite their busy work agendas and professional engagements and wished them a productive term in the office. In addition, he thanked the respective institutions for nominating the board members and for allowing part of their time to be utilised for the noble objectives of AAOIFI. The SG further highlighted that the formation of AGEB took into consideration a fair representation of different sectors within the Islamic finance industry and professional and geographical backgrounds. AGEB includes 15 experts who are responsible for developing and issuing standards in the area of governance, ethics and auditing.

The meeting commenced with the introduction of all board members and then the election of the chairman and deputy chairman by direct voting after following the due process. Mr. Farrukh Raza and Dr. Walid Hegazy were elected as chairman and deputy chairman, respectively.

The agenda items for the meeting also included a discussion on the strategy for AAOIFI with respect to governance, auditing and ethics standards, as well as, a review and adoption of the 4- years work plan of the board for the term 2024-2028. The plan included the projects to be initiated and the projects that are in progress as continuation from the previous term. The board agreed to continue the discussion on the plan and the remaining agenda items in the next board meeting which shall be held soon.

Mr. Farrukh Raza, the re-elected chairman of AGEB stated that “I am pleased to continue with AGEB for the term 2024-2028 and I am confident the standards to be developed in different areas by the board will enhance the confidence of the broader stakeholders and serve the best interest of the Islamic finance industry.” He added “I highly appreciate the trust of the members in electing me as a chairman of the board. I ask Allah the Almighty to help us and guide us in carrying out this significant responsibility”.

On this occasion, Mr. Omar Mustafa Ansari, the SG, AAOIFI state: “I would like to congratulate Mr. Farrukh Raza and Dr. Walid Hegazy on their re-election, and I am confident that all the appointed members of the board are of a high level of commitment toward the cause of AAOIFI”. He added, “I wish the board members all the success in their endeavours. They are entrusted with a great responsibility to promote Shari’ah compliance, transparency, fairness, avoidance of conflict of interest, etc. I am confident that addressing these topics will lead to the implementation of best governance practices, and hence, will enhance the reputation of the global Islamic finance industry”.