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New Chair and Vice-Chair for the IASB's Islamic Finance Consultative Group

  • IASB (International Accounting Standards Board) (blue) Image
  • Islamic accounting (dk gray) Image

25 Aug 2016

The IASB has updated its website detailing the work of its Islamic Finance Consultative Group. As a result of the agenda consultation 2011, the IASB noted Islamic accounting as one of the possible issues for its agenda post 2011 and created a consultative group for Sharia'a-compliant instruments and transactions, which has now been renamed.

The group does not judge whether products are compliant with the requirements of Sharia'a law. Members are aware that there are differing views on whether particular products are compliant; however, dealing with those views is beyond the remit of the group. Therefore, the group's focus is on challenges that may arise in the application of IFRSs to Islamic finance instruments and transactions, which would be brought to the attention of the IASB's IFRS Interpretations Committee.

The newly updated website dedicated to the group's work shows that Mr. Faiz Azmi from PwC Malaysia has been appointed Chair of the consultative group and IASB member Martin Edelmann is the new Vice-Chair. Mr. Wayne Upton, Chairman of the IFRS Interpretations Committee, acts as the group's coordinator.

Please click for the updated IASB website reflecting these changes and a corresponding press release.

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