The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the 7^th meeting of its Public Interest Monitoring Consultative Committee (PIMCC) on 30 April 2024 at AAOIFI head office in the Kingdom of Bahrain and via video conferencing.

The meeting commenced with opening remarks by the chairman of the PIMCC, Mr. Adnan Ahmed Yousif, President and CEO, LemrAir Consultancy who welcomed and thanked the respectable members for joining the meeting.

The agenda of the meeting included six exposure drafts (EDs) of governance stanadrds (GSs) issued by AAOIFI Governance and Ethics Board (AGEB), namely:

• [ED (AGEB 2/2023) of the] AAOIFI GS __ “Shari’ah Governance Framework”;
• [ED (AGEB 3/2023) of the] AAOIFI GS __ “Shari’ah Supervisory Board: Appointment and Composition”;
• [ED (AGEB 4/2023) of the] AAOIFI GS __ “Shari’ah Supervisory Board: Functions and Operations”;
• [ED (AGEB 5/2023) of the] AAOIFI GS __ “Shari’ah Supervisory Board: Review and Report”;
• [ED (AGEB 6/2023) of the] AAOIFI GS __ “Application of Shari’ah Governance Principles to Islamic Finance Windows”; and
• [ED (AGEB 7/2023) of the] AAOIFI GS __ “Application of Shari’ah Governance Principles to Islamic Finance Subsidiaries / Associates”.

The six exposure drafts were presented by Mr. Omar Mustafa Ansari, Secretary General, AAOIFI who stated “I would like to express my sincere gratitude to the PIMCC members for their devotion and commitment to the cause of AAOIFI”. He added “PIMCC members provided valuable comments and suggestions aiming for further improvements of the quality of the exposure drafts”.

The PIMCC members highly appreciated the efforts of AGEB and the respective working group for the development of these stanadrds”.