The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), held public hearings on Monday, 31 January 2022, via video conferencing, for two of its governance standards exposure drafts namely: Islamic crowdfunding and syndicated financing.

The online public hearings were attended by more than 180 industry experts from various parts of the world. Industry feedback received during the public hearings in the form of questions, comments, and recommendations will be compiled and presented to the respective working groups and AAOIFI Governance and Ethics Board (AGEB) for further discussions and deliberations before the final issuance of the standards.

The agenda of the public hearings included a session with the presentation and overview of the Islamic crowdfunding exposure draft. This covered the main objectives, key pillars of institutional governance, key stakeholders of Islamic crowdfunding, core principles of governance for Islamic crowdfunding, considerations during the lifecycle of the Islamic crowdfunding issuance, etc..

The second session discussed the exposure draft of syndicated financing, which includes but not limited to the key pillars and principles for syndicated financing transaction governance, parties and lifecycle of a syndicated financing transaction as well as considerations during marketing and negotiation.

The public hearings were conducted by Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, who expressed his appreciation to the attendees for their active participation in the public hearing event and devoting their valuable time to share feedback on these important standards.

Both standards are in public consultation stage and those who are interested in providing comments on the exposure drafts in writing may still do so by sending their feedback to governance@aaoifi.com.

The Islamic crowdfunding and syndicated financing exposure drafts can be accessed through the links below:

1. GS – Islamic Crowdfunding (Exposure draft available on: click here)
2. GS – Syndicated Financing (Exposure draft available on: click here)