The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) held the 6^th meeting of its Public Interest Monitoring Consultative Committee (PIMCC) recently, via video conference.

The meeting commenced with opening remarks by the chairman of the PIMCC Mr. Adnan Ahmed Yousif, President and CEO of LemrAir Consultancy and chairman of Bahrain Association of Banks (BAB) who welcomed and thanked the respectable members for joining this important meeting.

The agenda of the meeting included three exposure drafts issued by AAOIFI Governance and Ethics Board (AGEB); namely the exposure draft of the governance standard “Development and Governance of Shari’ah Compliant Benchmark Rates”, the exposure draft of AAOIFI standard on auditing (SOA) 1 “Framework of Auditing” and the governance standard “Syndicated Financing”.

These standards were presented by Mr. Omar Mustafa Ansari, Secretary General of AAOIFI who stated “I would like to thank the PIMCC members for their enormous efforts and commitment which serve the best interest of Islamic finance industry. We have taken note of the feedback and shall incorporate it into the standards before moving to the next stage”.

PIMCC members provided valuable comments on the standards and sought some clarifications after which they endorsed the standards. Additionally, the PIMCC highly commended the top quality of the standards, as well as, the efforts of the respective boards at AAOIFI in developing these important standards.