New developments at AAOIFI and IFSB
01 Jan, 2019
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued four new exposure drafts and the Islamic Financial Services Board (IFSB) has adopted three new standards.
The AAOIFI exposure drafts are the following (links to the press releases on the AAOIFI website):
- Exposure Draft F2/2018 of the Financial Accounting Standard - Ijarah
- Exposure Draft F3/2018 of the Financial Accounting Standard No Wa’ad, Khiyar and Tahawwut
- Exposure Draft G2/2018 of the AAOIFI Governance Standard: Sukuk Governance
- Exposure Draft G3/2018 of the AAOIFI Governance Standard for Islamic Financial Institutions
The three new IFSB standards are:
- IFSB-20: Key Elements in the Supervisory Review Process of Takāful / Retakāful Undertakings [Islamic Insurance Segment];
- IFSB-21: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment]; and
- IFSB-22: Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (IIFS) [Banking Segment].
More information is available in the press release on the IFSB website.
In addition, the IFSB has published Frequently Asked Questions for its four standards on capital adequacy, liquidity risk management, Sharīʻah Governance and Solvency Requirements in Takāful. More information is available here.