The General Council for Islamic Banks and Financial Institutions (Cibafi) has submitted comments to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) seeking revisions to draft auditing and governance standards.
Cibafi, representing members from more than 30 jurisdictions, raised concerns regarding proposed rules on Sharia compliance audits and takaful reinsurance.
In its submission, Cibafi called for clearer guidance on the scope of Shariah compliance audits, auditor responsibilities, and the impact of digital transactions and artificial intelligence.
For takaful reinsurance, Cibafi highlighted the need for refined definitions, numerical thresholds, and structural considerations, suggesting some elements might be better suited for Sharia standards.
“These submissions reflect our ongoing commitment to advancing robust frameworks that support the continued growth and integrity of the Islamic Financial Services Industry,” Cibafi said in a statement.
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