The work of the IFSB-AAOIFI joint working group on Shari’ah governance has now been concluded. Accordingly, based on extensive feedback received from stakeholders and considering the mandates of each organisation, IFSB and AAOIFI have agreed on the way forward to separately review and where necessary issue relevant guidance on Shari’ah governance within their respective areas of focus.

IFSB and AAOIFI extend profound appreciation for the work undertaken by the joint working group and the joint Shari’ah committee as well as the feedback provided by a wide range of stakeholders.

The two standard-setting organisations will continue to collaborate and cooperate with each other in areas of mutual interest.