By: Mohammed A.Abu The General Council for Islamic Banks and Financial Institutions (CIBAFI) submitted its comments to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on the Exposure Drafts (EDs) on “Auditing Requirements for Assessing Compliance with Shariah Principles and Rules” and “Principles of Assessment of the Necessity for Obtaining Conventional Reinsurance by Takaful Institutions.” Representing the collective perspective of its membership from more than 30 jurisdictions, CIBAFI’s submission highlights several areas requiring further clarification and enhancement in both drafts. For the Shariah compliance auditing framework, CIBAFI emphasized…
Commitment to Supporting Integrity and Growth of the Islamic Financial Services Industry
