AAOIFI Roundtable Held with 40 Regulatory and Supervisory Institutions to Discuss FAS 1 Draft

An inaugural regulatory roundtable by the Auditing Organization for Islamic Financial Institutions (AAOIFI) was held virtually on the 7th of June 2021. It was convened to deliberate and have a discourse on the views of regulatory and supervisory institutions on the draft of the AAOIFI Financial Accounting Standards (FAS) 1 “General Presentation and Disclosures in the Financial Statements of Islamic Banks and Financial Institutions”.

Why it Matters?

Member of AAOIFI Board of Trustees, Noor Abid, who chaired the overall event, stated the importance of the event in the endeavour to make financial statements of Islamic financial institutions transparent, consistent, fair, comparable and understandable. AAOIFI’s intention is to align itself with International...