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Wednesday 27 July 2016

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Consultative groups

Shariah-Compliant Instruments and Transactions

In 2011, the IASB (the Board) conducted a consultation on topics to be included in its technical agenda.  As a consequence of that consultation, the Board decided to establish a consultative group (the Group) on Shariah-Compliant Instruments and Transactions.

The Group does not judge whether products are compliant with the requirements of Shariah 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.

Instead, members intend to focus on challenges that may arise in the application of IFRS to instruments and transactions commonly referred to as Islamic finance.  The topics discussed would usually be referred to the Board’s Interpretations Committee (IC). However,the members of the Board and the IC are not skilled in the analysis of Islamic products, thus the role of the Group and others.


Group members IASB
Mr. Ian Mackintosh Chairman
Mr. Wayne Upton Coordinator


Group members AOSSG Islamic Countries
Mr. Faiz Azmi Malaysia
Ms. Mas Sukmawati Abu Bakar Malaysia (alternate)
Mr. Jusuf Wibisana Indonesia
Mr. Rashid Rahman Mir Pakistan
Mr. Naweed Lalani Dubai
Dr. Abdulrahman Alrazeen Saudi Arabia
Dr. Mohammed F. Bahjatt Saudi Arabia


Group members Other Organisations
Dr. Hamed Hassan Merah AAOIFI
Mr Jaseem Ahmed IFSB
Dr. Obaid Saif Al Zaabi GCCAAO
Mr. Mohamed Ben Youssef CIBAFI
Mr. Abdelilah Belatik CIBAFI
Dr. Mohamad Akram Laldin ISRA
Mr. Rashid Al-Rashoud E&Y Saudi Arabia
Dr. Sami Ibrahim Al-Suwailem IDBSA


The inaugural meeting was held on 2 July 2013 to discuss Shariah-compliant instruments and transactions. The meeting was chaired by the IASB.

The members and official observers who were at the meeting are listed below.


Mr. Ian Mackintosh Chair IASB
Mr. Wayne Upton Participant IASB
Mr. Mohammad Faiz Azmi Participant MASB
Mr. Jaseem Ahmad Participant IFSB
Mr. Abdelilah Belatik Participant IFSB
Mr. Jusuf Wibisana Participant IAI
Mr. Rashid Rahman Mir Participant ICAP
Dr. Mohammed F. Bahjatt Participant SOCPA
Dr. Abdurrahman Al-Razeen Participant SOCPA


Mr. Ng Kean Kok ACCA
Mr. Wan Mohd Nazri Wan Osman Bank Negara Malaysia
Ms. Nurmastuji Ab Malek Bank Negara Malaysia
Ms. Shahira Zaireen Johan Arief Jothi Bank Negara Malaysia
Dr. Nordin Mohd Zain Deloitte
Dr. Marjan Muhammad ISRA
Ms. Nurazalia Zakaria ISRA
Ms. Siti Norhayati Bt Mohd Ali Accountant-General’s Department
Mr. Ahmad Nasri Abdul Wahab KPMG
Mr. Muhammad Syarizal Rahim EY
Dr. Nurmazilah Dato’ Mahzan Malaysian Institute of Certified Public Accountants
Mr. Manjit Singh PwC
Ms. Veena R. Sankaranarayan Securities Commission Malaysia
Mr. Nor Zahrul Zainal Audit Oversight Board, Malaysia


In attendance  
Ms. Mas Sukmawati Abu Bakar MASB
Ms. Tan Bee Leng MASB
Ms. Christine Lau MASB
Ms. Nor Amirah Nordin MASB
Ms. Aidura Jamaludin MASB
Ms. Norsuriani Noridil MASB




Related information





Wayne Upton
Director of international activities
email: wupton@ifrs.org