The Board of Trustees of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as a part of strategic initiatives to further strengthen its standard-setting process and to ensure that the broader public interest is served by its standards, has recently approved the constitution of Public Interest Monitoring Consultative Committee (PIMCC).
The objective of PIMCC is to advise and provide its observations to AAOIFI’s Board of Trustees and technical boards (excluding the Shari’ah board) regarding AAOIFI’s responsiveness to public interest as incorporated in its standard setting process (specifically accounting, auditing, governance and ethics standards) and outcome.
The 7-member PIMCC shall have an oversight on the functioning of the AAOIFI Accounting Board (AAB) and AAOIFI Governance and Ethics Board (AGEB) to ensure public interest is duly served. There will be three members from the regulatory bodies and four independent experts, with diverse geographical representation. PIMCC membership will be approved by AAOIFI Board of Trustees and shall have a 4-year term.
PIMCC shall not have an approving authority on the technical boards of AAOIFI and its role shall be limited to providing (non-binding) advice and observations to the respective technical boards. Further, a member of PIMCC cannot be a member of any technical boards and board of trustees of AAOIFI.
AAOIFI Nominations Committee (Nom-Com) has initiated the nomination process for the PIMCC. All regulators and supervisory authorities, members of AAOIFI and Islamic financial institutions around the globe are invited to nominate professional experts (including regulators representatives and independent experts) for 7 seats of PIMCC which are geographically distributed. The last day for submitting nominations (online or through email ([email protected]) or mail) to the secretariat is 28 February 2021.
H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees at AAOIFI, stated “we are confident that the formation of PIMCC shall assist AAOIFI in steering its core objective forward in the best of manners and ensure AAOIFI serves the interest of all stakeholders and continues to assist in the development of Islamic finance industry globally”.
The nomination form is available on http://bit.ly/3qNrIRi