AAOIFI’s Governance and Ethics Board (AGEB) Translation Committee has finalized and approved the issuance of the Arabic version of Governance Standard GS 9 “Shari’ah Compliance Function”
The aim of this standard is to provide a framework for establishing and managing a robust Shari’ah compliance function within Islamic Financial Institutions (IFIs) and for standardizing their practices across the globe. It also highlights key areas that are necessary for developing a Shari’ah compliance function and assists in framing a risk-based approach to Shari’ah compliance considering relevant stakeholders.
The Chairman of the translation committee, Mr. Wael Merza stated” Shari’ah compliance function is a vital organ in the governance of IFIs and it gives me great pleasure to announce the finalization of the Arabic version of the SCF standard after extensive discussions and due deliberations. I would like to express my appreciation to the members and secretariat for their contribution”.
On this occasion, Mr. Omar Mustafa Ansari, the Secretary General, AAOIFI stated: “As a matter of board policy, governance standards are drafted and issued in English. However, AAOIFI in order to cater to the requests of the industry at large takes it upon itself to develop an Arabic version of these standards through a due process of quality translation. The committee was formed recently and it includes members from the board as well as industry experts who are entrusted with this great responsibility. Issuing this standard is a remarkable achievement and I would like to extend my sincere gratitude to the translation committee members for their support, collaboration, and tireless efforts”.
The Arabic version of the final standard on Shari’ah Compliance Function can be accessed by CLICKING HERE.
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