The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), in collaboration and cooperation with the Institute of Chartered Accountants of Pakistan (ICAP) as well as the State Bank of Pakistan (SBP), hosted two public hearings for its exposure drafts: one on the governance standard titled “Central Shari’ah Board (GSIFI No. 8), and one on accounting standard titled “Murabaha and Other Deferred Payment Sales” (FAS No. 28), respectively.

The public hearings were conducted at ICAP Auditorium, in Karachi, Pakistan, and were attended by Shari’ah Scholars, personnel from the banking and finance profession, members of ICAP, academicians, and students of Islamic finance from local universities.

The hearing on the Governance standard was chaired by Dr. Ishrat Hussain, Chairman of the AAOIFI Governance Board, and for the Accounting standard, the hearing was chaired by Mr. Nadeem Yousaf Adil, President, ICAP.

Dr. Ishrat Hussain in his concluding remarks emphasized the need for inclusiveness and for the subject experts and the Shari’ah scholars working together for promoting Islamic Finance.

Mr. Nadeem Yousaf Adil appreciated AAOIFI’s approach in developing global standards and in engaging stakeholders, world over.

Similar public hearings for the two standards have earlier taken place in Bahrain, Turkey, Abu Dhabi, UAE.

All industry feedback received—in the form of questions, comments, suggestions, and recommendations—during the public hearings will be collated and taken back to the respective Boards to become the subject of further discussion and deliberation before the issuance of the two standards.  Those interested in commenting on the exposure drafts of the two proposed standards may still do so by emailing at accounting@aaoifi.com.

AAOIFI expressly acknowledges and appreciates the support and assistance provided by ICAP and SBP in successfully realizing the two public hearings.