Jeddah, April 14, 2024, The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has scheduled a hearing session on April 18, 2024, to discuss draft governance standards recently issued by the organization. The drafts under consideration are the governance standard titled "Application of Sharia Governance Principles on Islamic Financial Windows" and another standard titled "Application of Sharia Governance Principles on Islamic Subsidiary and Affiliate Companies."
This session will be conducted through video conferencing, in collaboration with key stakeholders such as the Bahrain Association of Banks (BAB), the UAE Banks Federation (UAEBF), as well as various Islamic institutions and banks. Interested parties, including stakeholders and industry participants, have been invited to register for the session using the following link: https://bit.ly/3vs7Yef.
The purpose of the session is to review and discuss these draft governance standards, which are integral to ensuring the effective implementation of Sharia governance principles within Islamic financial institutions, including financial windows, subsidiaries, and affiliate companies. This collaborative effort reflects AAOIFI's commitment to promoting transparency, accountability, and best practices within the Islamic finance industry, while also seeking input and feedback from relevant stakeholders to enhance the quality and relevance of these standards.
