AAOIFI completed the Arabic translation of the below six exposure drafts (EDs) of governance standards (GSs). The English versions of the EDs were issued in December 2023.

• [ED of] GS_ “Shari’ah Governance Framework”;
• [ED of] GS_ “Shari’ah Supervisory Board: Appointment and Composition”;
• [ED of] GS_ “Shari’ah Supervisory Board: Functions and Operations”;
• [ED of] GS_ “Shari’ah Supervisory Board: Review and Report”;
• [ED of] GS_ “Application of Shari’ah Governance Principles to Islamic Finance Windows”; and
• [ED of] GS_ “Application of Shari’ah Governance Principles to Islamic Finance Subsidiaries / Associates”.

These EDs are the outcomes of the comprehensive Shari’ah governance framework project, which is aimed at establishing the guiding principles and rules, as well as, best practices for a sound and effective Shari’ah governance framework for Islamic financial institutions.

AAOIFI conducted a public hearing in English language on 30 January 2024 and plans to hold an additional public hearing in English language on 21 February 2024. The date for the third public hearing which will be held in Arabic language will be announced shortly through AAOIFI’s website and social medial platforms.

Comments on the exposure drafts are welcomed and should be directed no later than 29 February 2024 to Governance@aaoifi.com.

The said exposure drafts in Arabic can be accessed through the below links:

• [ED of] GS “Shari’ah Governance Framework”; Link
• [ED of] GS “Shari’ah Supervisory Board: Appointment and Composition”; Link
• [ED of] GS “Shari’ah Supervisory Board: Functions and Operations”; Link
• [ED of] GS “Shari’ah Supervisory Board: Review and Report”; Link
• [ED of] GS “Application of Shari’ah Governance Principles to Islamic Finance Windows”; Link
• [ED of] GS “Application of Shari’ah Governance Principles to Islamic Finance Subsidiaries / Associates”. Link