25 August 2016
The International Accounting Standards Board (the Board) has announced the appointment of Mohammad Faiz Azmi as Chair and Martin Edelmann as Vice-Chair of the Islamic Finance Consultative Group.
Mohammad Faiz Azmi is the Executive Chairman of PwC Malaysia, and has previously served as the Chairman of the Malaysian Accounting Standards Board. He has been a member of the Islamic Finance Consultative Group since it was established. Martin Edelmann is a member of the International Accounting Standards Board.
The Islamic Finance Consultative Group, formerly the Consultative Group on Shariah-Compliant Instruments and Transactions, is an advisory group to the Board focussing on challenges that may arise when IFRS Standards are applied to Islamic financial instruments and transactions.
The group was established in 2013, following the Board’s first Agenda Consultation on which topics to include in its technical work plan. It has met three times and in February 2016 a paper on the group’s discussions to date was published, focussing on the application of the classification and measurement requirements of the new financial instruments Standard, IFRS 9.
The current members of the Islamic Finance Consultative Group are:
| Name | Organisation |
| Mr. Faiz Azmi (Chair) | PwC Malaysia |
| Mr. Martin Edelmann (Vice-Chair) |
IASB |
| Mr. Wayne Upton (Coordinator) | 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. Abdelilah Belatik | General Council for Islamic Banks and Financial Institutions (CIBAFI) |
| Dr. Mohamad Akram Laldin | International Shari’ah Research Academy for Islamic Finance (IISRA) |
| 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. Faith Yalcin Mete | Public Oversight, Accounting and Auditing Standards Board (POA), Turkey |