The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the third meeting of the newly constituted Public Interest Monitoring Consultative Committee (PIMCC) via video conference on 02 December 2021.

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 chairman also appreciated the efforts of AAOIFI in putting together the 16th AAOIFI-IsDB conference held on 1-2 December in Bahrain under the auspices of Central Bank of Bahrain.

The meeting was attended by six full members and one observer member. The agenda of the meeting included among others presentation of one AAOIFI Financial Accounting Standard (FAS) and three AAOIFI Governance Standards. All standards were made available to the PIMCC members two weeks prior to the meeting.

The exposure draft (ED) related to AAOIFI FAS was “Interim Financial Reporting” while the standards related to AAOIFI Governance and Ethics Board (AGEB) of the standards included Islamic crowd funding governance; Shari’ah decision-making process; and IFSB-AAOIFI Revised Guiding Principles on Shari’ah Governance Framework for Institutions Offering Islamic Financial Services (RSGF).

These standards were presented by Mr. Omar Mustafa Ansari, Secretary General of AAOIFI who stated “we are thankful to the PIMCC members for sharing their feedback and experience on these standards in the third meeting of the year 2021. We have taken note of the feedback and shall incorporate it in the standards before taking them to the next stage.”

PIMCC members raised some pertinent questions on the standards and sought some clarifications after which they endorsed the standards. Additionally, the PIMCC highly commended the top quality standard setting process, as well as, the efforts of the respective boards at AAOIFI in developing these important standards.

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