The Sharī’ah Board of the Accounting and Auditing Organization for Islamic Institutions (AAOIFI) held its 60th meeting over a span of three days, from Thursday 10 Rabi Al-Awwal 1441H, corresponding to 7 November 2019 to Saturday 12 Rabi Al-Awwal 1441H, corresponding to 9 November 2019 in the Kingdom of Bahrain. The standard discussion in this meeting continued for more than 25 hours, the members analysed the issues, and reviewed the Sharī’ah and technical reports. Accordingly, the Shari’ah board made several key resolutions in this regard, including:
It is pertinent to note that, before holding the Sharī’ah Board last meeting, the Secretariat had arranged two meetings between representatives of Visa Company and some members of the Sharī’ah Board. These meetings were supported –hosted and generously sponsored by Alinma Bank at the Bank’s Headquarter. The Board and Secretariat would like to take this opportunity to thank Alinma Bank for their support. The objective of these two meetings was to understand the technical characteristics of credit cards.
The Sharī’ah Board in this meeting hosted a senior official from the Visa Company for the same purpose. The meetings had a clear impact on the understanding of the operations and practices of the credit cards. This understanding of the precise procedures assisted in the Shari’ah decision making process.
The Board approved the standard and directed the Secretariat to issue the exposure draft on AAOIFI’s official website and hold public hearings in various countries to obtain comments and suggestions from the industry.
AAOIFI, always, welcomes notes, comments, and contributions by those interested in the Islamic finance industry around the globe.