About the Islamic Finance Consultative Group
The International Accounting Standards Board (IASB) decided to establish the Islamic Finance Consultative Group (IFCG) following its 2011 Agenda Consultation.
The objective of the IFCG is to provide an advisory forum where members support the IFRS Foundation in its objectives, and contribute towards the development and consistent and rigorous application of IFRS Accounting Standards, by contributing to:
- the standard-setting agenda through providing input to the IASB's:
- technical agenda; and
- agenda-setting process.
- consistent and rigorous application of IFRS Accounting Standards by:
- communicating and exchanging views on the application of IFRS Accounting Standards to Islamic finance transactions;
- identifying and discussing emerging issues and complex problems within the sector, and, where applicable, the solutions to those issues and problems; and
- highlighting matters that might warrant further consideration by the IASB and/or the IFRS Interpretations Committee.
The IFCG does not assess whether transactions or products are compliant with the requirements of Shariah law.
The IFCG held its final meeting in December 2024. The IFCG has operated effectively for many years, and the IASB now has deeper relationships with stakeholders involved in Islamic finance transactions. Those stakeholders participate in the IFRS Foundation’s processes to provide feedback on IASB projects and raise Islamic Finance matters for consideration by the IASB.
The IASB concluded that the IFCG has completed its role and decided to wind up the IFCG. The IASB will continue to engage with and manage relationships with stakeholders in the Islamic finance area through other means.
