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| Source: AAOIFI. The AAOIFI Shari'ah Board at its 49th meeting. |
The Shari’ah Board has directed AAOIFI’s General Secretariat to publicly publish the exposure draft for at least one month in order to seek opinions, feedback, and suggestions from the public in addition to the convention of public hearings to seek opinions from fuqaha (jurists, الفقهاء) and experts in areas of banking, legal practice, advisory, and Islamic financial institutions, and particularly members of Shari’ah Supervisory Boards and staff members of Shari’ah auditing and supervision functions for the purpose of ensuring a profound and inclusive exposure draft that covers practical aspects and newly emerging matters faced by the industry’s practitioners. The expert feedback received via email and at public hearings will be presented to, and discussed by, the Shari’ah Board in its next meeting, which convenes in mid-November 2017.
The issuance of exposure draft on “Sale of Debt” constitutes a part of a plan for development and review of shari’ah standards.
The Board also heard that translations of shari’ah standards into Urdu and Turkish are at advanced stages of completion, while a Chinese translation is complete.
The AAOIFI Governance and Ethics Board (AGEB) has officially published the exposure draft of the Governance Standard for Islamic Financial Institutions (GSIFI) No. 9 on Shari’ah Compliance Functions and seeks opinion and feedback from the Islamic finance industry.
The aim of the standard is to provide guidelines for establishing and managing a robust shari’ah compliance function within Islamic financial institutions (IFIs) and for standardising the practices across the globe.
The standard includes guidelines in establishing the shari’ah compliance function with regard to the responsibilities and key considerations, along with the internal controls and processes within IFIs. The standard also details structure, scope and functioning of a shari’ah compliance department, key functions and reporting lines. It also touches upon human resource aspects of the same.
Public hearings will be held during 2017 in different parts of the world to obtain the industry feedback on the exposure draft, with dates and venues of the hearings to be announced later. All the comments and suggestions of the public hearings will be presented to AGEB in an upcoming meeting to discuss and make necessary changes to the standard.
Explore:
Read the exposure draft on Sale of Debt (PDF).
AAOIFI invites all experts and professionals to submit their comments and views on shari’ah standard No. 59 regarding Sale of Debt not later than 5 November 2017 via email: sharia at aaoifi.com.
Read the exposure draft on Shari’ah Compliance Functions (PDF).
Comments on the exposure draft are welcome and should be directed no later than 10 November 2017 via email: governance at aaoifi.com.