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Sunday 19 February 2017

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Consultative groups

Islamic Finance Consultative Group


In 2011, the International Accounting Standards Board (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 is now called the Islamic Finance Consultative Group.

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 Standards to instruments and transactions commonly referred to as Islamic finance. The topics discussed would usually be referred to the Board’s Interpretations Committee (IFRS IC). However, the members of the Board and the IFRS IC are not skilled in the analysis of Islamic products, hence the role of the Group and others.

  

Name Organisation
Mr. Faiz Azmi
(Chair)
PwC Malaysia
Mr. Martin Edelmann
(Vice-Chair)
IASB
Mr. Mohamed Raslan Abdul Rahman Malaysian Accounting Standards Board (MASB)
Mr. Jusuf Wibisana Ikatan Akuntan Indonesia (IAI)
Mr. Rashid Rahman Mir Institute of Chartered Accountants of Pakistan (ICAP)
Mr. Naweed Lalani Dubai Financial Service Authority (DFSA)
Mr. Abdulrahman Alrazeen Saudi Organization for Certified Public Accountants (SOCPA)
Dr. Mohammed F. Bahjatt Saudi Organization for Certified Public Accountants (SOCPA)
Dr. Hamed Hassan Merah Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Mr. Jaseem Ahmed Islamic Financial Services Board (IFSB)
Dr. Obaid Saif Al Zaabi Gulf Co-operation Council Accounting and Auditing Organisation (GCCAAO)
Mr. Mohamed Ben Youssef General Council for Islamic Banks and Financial Institutions (CIBAFI)
Mr. Abdelilah Belatik General Council for Islamic Banks and Financial Institutions (CIBAFI)
Dr. Mohamad Akram Laldin International Shari’ah Research Academy for Islamic Finance (ISRA)
Mr. Rashid Al-Rashoud EY Saudi Arabia
Dr. Sami Ibrahim Al-Suwailem Islamic Development Bank Group (IDBSA)
Mr. Samet Arslan Public Oversight, Accounting and Auditing Standards Board (POA), Turkey
Mr. Kagan Ertop Public Oversight, Accounting and Auditing Standards Board (POA), Turkey
Mr. Fatih Yalcin Mete Public Oversight, Accounting and Auditing Standards Board (POA), Turkey

  

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