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The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a Public Hearing of its proposed governance standard on “Central Shari’ah Boards” (GSIFI No. 8) on the 27th of April 2017 at Borsa İstanbul Headquarters in İstanbul, Turkey—organized by the Training Department.
The Public Hearings were attended by industry practitioners and regulators including but not limited to the EVP and CFO of Borsa İstanbul Mr. Şenol Duman, Head of Islamic Finance Department at Banking Regulation and Supervision Agency Mr. Abdurrahman Çetin, and Director of Accounting and Finance at Borsa İstanbul Mr. Muhittin Esen.
Dr Hamed Merah, Secretary General of AAOIFI, presided over the Public Hearing for the ‘Central Shari’ah Boards’. Two more Public Hearings will be conducted in coming weeks in United Arab Emirates, and Pakistan. All industry feedback received—in the form of questions, comments, suggestions, and recommendations—during the Public Hearings will be collated and taken back to the respective Board to become subject of further discussion and deliberation before the issuance of the standard.
Public Hearings are one of the ten mandatory steps in standards issuance at AAOIFI. It is an opportunity not only for AAOIFI to interact with and benefit from the knowledge, experience, and wisdom of the industry stakeholders but also for the industry stakeholders themselves to mutually engage in a dialogue and exchange of thoughts, ideas, opinions, and emerging solutions.
Those interested in commenting on the exposure draft for the proposed standard (pdf) may still do so before the deadline of 15 May 2017 by emailing to accounting@aaoifi.com.
