Manama, Kingdom of Bahrain: The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the inaugural meeting of the newly constituted Public Interest Monitoring Consultative Committee (PIMCC) via video conference on 12 July 2021.
The meeting commenced with opening remarks by Mr. Omar Mustafa Ansari, the secretary general of AAOIFI who welcomed and thanked the respectable members for joining this committee and briefed the members about the significance and functioning of the scope of PIMCC. He also presented a brief about the functioning of AAOIFI’s standards setting process along with its benchmarking with the top quality global standard setters.
After brief introduction of the members the PIMMC unanimously elected Mr. Adnan Ahmed Yousif, President and CEO – LemrAir Consultancy (former President and CEO of Al Baraka Banking Group) as the chairman and H.E. Dr. Maher Sheikh Hasan, Deputy Governor – Central Bank of Jordan as the deputy chairman of the PIMCC, respectively. Both Mr. Adnan Ahmed Yousif and H.E. Dr. Maher Sheikh Hasan thanked the other committee members and appreciated the trust and confidence placed on them.
H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa, chairman of AAOIFI Board of Trustees, stated “we would like to thank the PIMCC members for agreeing to be a part of this very important committee for AAOIFI and also for electing very experienced and knowledgeable colleagues amongst them to lead it. We have known Mr. Adnan Ahmed Yousif, as well as, H.E. Dr. Maher Sheikh Hasan for many years and are confident that under their able leadership AAOIFI will be able to further enhance the quality of its standards development process, particularly from the perspective of safeguarding the public interest.”
The agenda of the meeting included ratification of PIMCC charter and consideration and approval of its working model. PIMCC members were also presented with detailed approved strategies and plans (with relevant updates) of the AAOIFI Accounting Board (AAB) and the AAOIFI Governance and Ethics Board (AGEB). The PIMCC took a note of the presentations and highly commended the top quality standard setting process, as well as, the efforts of the respective boards and applauded the professional manner in which these were presented.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.
It has a total of 116 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.
AAOFI based in Bahrain is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are adopted either fully or partially in more than 28 regulatory jurisdictions globally, in addition to having an even larger footprint in the form of guidance and voluntary adoption by leading Islamic financial institutions across the world which has introduced a progressive degree of harmonization of international Islamic finance practices.
For more information on AAOIFI its activities, please contact:
Dr. Rizwan Malik, Head, Standards Implementation and Strategic Developments, AAOIFI, Office; e-mail: firstname.lastname@example.org
© Press Release 2021
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