Meeting with ISRA on Islamic Financial Transactions
Representatives of the MASB and the International Shari’ah Research Academy (“ISRA”) met to discuss a proposed collaboration to produce a paper to explain the acceptability from a Shariah perspective of applying IFRS to Islamic financial transactions.
MASB Chairman, Mohammad Faiz Azmi was concerned that despite the BNM Shariah Advisory Council’s favourable review of MASB SOP i-1, and the same Council’s published resolutions on financial reporting, there may still be stakeholders who were unconvinced of the permissibility of applying IIFRS to Islamic financial transactions. Thus it was proposed that MASB and ISRA collaborate to produce a paper to address and alleviate the concerns of such stakeholders.
MASB was represented by FRF member, Mohamed Raslan Abdul Rahman, Mohammad Faiz Azmi and MASB Associate Director of Islamic Technical Unit, Mas Sukmawati Abu Bakar while ISRA was represented by its Executive Director, Dr. Akram Laldin and Fellow Researcher Rafe Hanef.