In our continued pursuit to issue comprehensive international standards to the Islamic finance industry and to be in line with global best practices, the AAOIFI Accounting Board (AAB) with the Secretariat initiated a project in May 2018 to review and revise all existing AAOIFI FASs. To this effect a committee was formed with experts from the industry to provide recommendations and guidance on the approach. The scope included a detailed analysis of each standard including benchmarking them against other comparable global standards and other global best practices to identify areas of improvement.
|Mr. Hamad A. Al Oqab as Chairman of the standards revision committee
Deputy CEO, Al Baraka Banking Group (also Chairman AAB)
|Mr. Abdelhalim Elsayed Elamin
Director General, Procurement and Contracting, Ministry of Finance & Economic Planning, Sudan (also member of AAB)
|Mr. Muhammad Jusuf Wibisana
Partner, Price Waterhouse Coopers, Republic of Indonesia (also member of AAB)
|Mr. Syed Najmul Hussain
Partner, KPMG Taseer Hadi & Co., Islamic Republic of Pakistan (also member of AAB)
|Mr. Haroon Tabraze
Faculty Member, Institute of Business Administration, Islamic Republic of Pakistan
|Mr. Imtiaz Ibrahim
Partner, EY, State of Qatar
|Mr. Khalid Al kayed
Chief Executive Officer Bank Nizwa, Sultanate of Oman
|Mr. Mahesh Balasubramanian
Partner, KPMG, Kingdom of Bahrain
Standards Review and Revision project – work plan
Final conclusions and recommendations from the committee was reviewed at the 13th AAB meeting held on 22-23 March 2019 at the AAOIFI head office in the kingdom of Bahrain. A comprehensive two-year action plan was finalized. Each FAS revision are categorized based on urgency and market need.
The following is a summary of the FAS revision project. A final report is will issued shortly.