AAOIFI’s Kuwait Standards Subcommittee held a meeting on 19 April 2016, where it discussed draft Shari’ah Standard on “Muzara’ah”. The subcommittee had formerly approved a detailed research study on the same topic. It will continue its discussions on it alongside a detailed research study on Mugharasah in its next meeting.

The subcommittee invited the broader Islamic finance industry to enrich the draft standard by submitting to the Shari’ah Board’s Secretariat (sharia@aaoifi.com) any relevant modern-day applications or contracts or contractual agreements relating to Muzara’ah, Musaqat, or Mugharasah.

In this regard, AAOIFI’s Shari’ah Board had earlier re-created its subcommittees in Kuwait, Dubai, Riyadh, Malaysia, Jordan, Jeddah, and Karatchi. Each subcomittee consists of a number of distinguished Fuqaha and experts in addition to members from the Shari’ah Board. These subcommittees play a pivotal role in the process of standards development and evaluation.