The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a public hearing event on AAOIFI Financial Accounting Standard (FAS) exposure draft on “Ijarah” and the exposure draft on Governance Standard No. 10 “Shari’ah compliance and fiduciary ratings for Islamic financial institutions”at the Intercontinental Hotel, Abu Dhabi, hosted by Abu Dhabi Islamic Bank (ADIB)on 17 February 2019.

The one-day public hearing event was conducted in the presence of AAOIFI Accounting Board Deputy Chairman, Mr. Mohamed Bouya. The event attracted participants and members from active Islamic banks and Islamic windows, accounting and auditing firms and members of Islamic Banking Committee of UAE Banks Federation, among others. It was also attended by representatives from the Central Bank of the UAE.

The interaction with the Islamic banking and finance professionals provided vital input on the UAE market and insightful comments on the AAOIFI draft standards (exposure drafts).

The Acting Secretary General, AAOIFI, Mr. Omar Mustafa Ansari extended his appreciation to ADIB for its support and assistance in hosting the event in UAE and added that: “AAOIFI looks forward to working closely with the Islamic banking industry and for further promotion of Islamic banking and finance in UAE”.

All industry feedback received—in the form of questions, comments, suggestions, and recommendations during the public hearings, as well as, directly provided to AAOIFI will be collated and presented to the respective working groups and boards to be considered, and will be discussed and deliberated before the issuance of the final standards.

Multiple public hearings for AAOIFI accounting and governance and ethics standards are scheduled in different countries to obtain industry feedback on other issued exposure drafts.

Details of upcoming public hearings, with respect to exposure drafts, dates and venues, will be announced shortly.