الإجراءات القانونية الواجبة
The structured process through which AAOIFI develops and issues standards for Islamic finance
العملية الواجبة لتطوير معايير أيوفي
AAOIFI maintains a rigorous and transparent due process for developing standards for Islamic finance — designed to ensure technical quality, stakeholder engagement, and practical applicability across diverse regulatory environments.
Each project passes through multiple layers of study, drafting and review by specialised teams, working groups and the technical board. The process includes formal review by oversight and decision-making bodies before a standard is issued.
نظرة عامة على العملية
AAOIFI's standards development process follows up to 15 formal stages. Optional stages are applied based on the complexity and nature of the project.
Process Step Descriptions
تحديد المشاريع
By the secretariat or technical board, based on market needs, regulatory developments, or gap analysis.
تشكيل مجموعة العمل/توزيع اللجان الفرعية
A dedicated working group or sub-committee is formed to lead the drafting and technical analysis.
تشكيل الفريق التنفيذي
An executive team is appointed to coordinate the drafting process and manage communications.
الدراسة الأولية والملاحظات الاستشارية
Research and background papers are prepared covering current practice, relevant standards, and Shari'ah considerations.
Presentation Before the Technical Board
Findings and draft principles are presented for deliberation and principle-setting, in one or two sessions depending on complexity.
ورشة عمل (ورش عمل) / استبيان (استبيانات) Decision
YES → Targeted workshops or industry surveys are conducted to gather additional technical input, then the process continues.
NO → Proceed directly to Stage 07.
مراجعة مسودة المعيار
The full draft standard is reviewed by both the working group and the technical board, with revisions applied as required.
Exposure Draft Published
The draft is published as an Exposure Draft and made available for public comment. This is the primary formal consultation stage.
Review by Shari'ah Committee
The Shari'ah committee reviews the Exposure Draft to ensure full compliance with Shari'ah principles.
الجلسة (الجلسات) العلنية
Open public hearings allow stakeholders to present their views and engage directly with the technical team.
Review by PIMCC
The Public Interest Monitoring Consultative Committee reviews the draft to assess its public interest implications.
Review of Standard by the Working Group
The working group reviews and incorporates feedback from public consultation, hearings, and the PIMCC.
Major Changes Required? Decision
YES → The Exposure Draft is re-issued for further public comment, with a public hearing if needed, then loops back to Stage 08.
NO → Proceed to Stage 14.
Review of Final Standard by the Board
The final draft is reviewed and approved by the technical board before issuance.
Final Standard Issued
The completed standard is officially issued by AAOIFI and made available to members, regulators, and the public.
Periodic Impact Assessment Post-issuance
AAOIFI conducts periodic studies to evaluate the standard's real-world effectiveness and inform future revisions.
Principles Underpinning the Process
AAOIFI's due process is guided by a number of core principles:
الشفافية
All stages are documented and communicated to stakeholders, ensuring openness and accountability throughout the project lifecycle.
إشراك أصحاب المصلحة
Input is actively sought from industry practitioners, regulators, academics and the broader Islamic finance community at key stages.
التميز التقني
Standards are developed by expert working groups with deep knowledge of Islamic finance, accounting principles and Shari'ah requirements.
الأهمية العالمية
Diverse market contexts and regulatory environments are considered to ensure standards are applicable and implementable across jurisdictions.
governance-based
The process includes formal review by oversight and decision-making bodies before a standard is issued.
responsive and iterative
Where consultation reveals the need for major revisions, the draft may be re-issued to ensure further review and transparency.
focused on impact
AAOIFI does not treat issuance as the end of the process. Periodic impact assessment supports continuous learning and future refinement.
Typical Project Duration
While each project is unique, a typical standards development project follows this approximate timeline. Timelines may vary based on project complexity and the volume of stakeholder feedback.
كيفية المشاركة
AAOIFI welcomes participation from all stakeholders in the Islamic finance ecosystem at multiple stages of the process.
Respond to Exposure Drafts
Provide written feedback on proposed standards during public consultation periods. Comments are reviewed by the working group and technical board.
Attend Public Hearings
Participate in open hearings to discuss draft standards and present your views directly to technical committees.
Submit Project Proposals
Suggest new topics or areas where standards development is needed. Proposals are assessed by the secretariat and technical board.
Join Working Groups
Contribute your expertise by participating in technical working groups at the drafting and review stages.