AAOIFI’s Jeddah Standards Subcommittee held a meeting on 23 April 2016 in Jeddah, Kingdom of Saudi Arabia, during which it resumed discussion of a draft Shari’ah Standard on “Conversion of Conventional Banks to Islamic Banks”. The subcommittee had formerly approved a detailed research paper on the same topic. It will continue its discussions in this regard at its next meeting.

These meetings are held based on a resolution by AAOIFI’s Shari’ah Board to re-draft the existing Shari’ah Standard on “Conversion of Conventional Banks to Islamic Banks”, in view of the many developments and emerging issues on the matter since the standard was first issued 14 years back in 2002.