The Shari’ah Standards Committee (Kuwait) held a meeting on Monday 30 November 2015 whereby it completed review and discussion of the exposure draft on the Shari’ah Standard “Competitions and Prizes and Their Modern Applications); the committee had earlier approved a detailed research on the same topic, and had also discussed another economic, Shari’ah study entitled “Gifts and Prizes and Their Modern Applications). The committee completed its discussions on the structure of the exposure draft, and concluded the meeting by a resolution to submit the two researches and the exposure draft to the Shari’ah Board for review and discussion in its upcoming meeting.

Currently, AAOIFI is developing a new set of Shari’ah standards which will address the ever-increasing requirements of the Islamic finance industry.