The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the fifth meeting of its Public Interest Monitoring Consultative Committee (PIMCC) via video conference on 06 June 2023.

The meeting commenced with opening remarks by the chairman of the PIMCC Mr. Adnan Ahmed Yousif, President and CEO of LemrAir Consultancy and Chairman of Bahrain Association of Banks (BAB) who welcomed and thanked the respectable members for joining this important meeting.

The meeting was attended by all the seven members of the PIMCC. The agenda of the meeting included among others presentation of exposure drafts of five AAOIFI FASs. These included:

1. ED of FAS_ “Control (of Assets and Business)”;
2. ED of FAS 29 “Sukuk in the Books of the Originator” [Revised exposure draft];
3. ED of FAS_ “Off-balance-sheet Assets Under Management”;
4. ED of FAS_ “Quasi-equity (including Investment Accounts)”; and
5. ED of FAS_ “Transfer of Assets between Investment Pools”.

The exposure drafts were presented by Mr. Omar Mustafa Ansari, Secretary General of AAOIFI who stated “we are thankful to the PIMCC members for sharing their feedback and experience on these standards in the 5th meeting. We have taken note of the feedback and shall incorporate it in the standards before taking them to the next stage.”

PIMCC members raised some pertinent questions on the standards and sought some clarifications after which they endorsed the standards. Additionally, the PIMCC highly commended the top quality standard setting process, as well as, the efforts of the respective boards at AAOIFI in developing these important standards.