The International Accounting Standards Board (IASB) has appointed Dato' Mohammad Faiz Azmi (pic), Executive Chairman of PwC Malaysia, as the Chairman of IASB’s Islamic Finance Consultative Group.
Faiz who previously served as the Chairman of the Malaysian Accounting Standards Board (MASB) and is also the current President of the Malaysian Institute of Accountants (MIA), has been a member of the Islamic Finance Consultative Group since it was established in 2013. Mohamed Raslan Abdul Rahman, the current Chairman of the MASB and Dr. Mohamad Akran Laldin are the Malaysian representatives on the committee together with representatives of countries from the Middle East and South East Asia.
The Islamic Finance Consultative Group was formerly known as the Consultative Group on Shariah-Compliant Instruments and Transactions.
Commenting on Faiz’s appointment, IASB Chairman Hans Hoogervorst said, “I am delighted Mohammad Faiz Azmi has accepted the position of Chair of the Islamic Finance Consultative Group. Faiz has always been a valued member of the IFRS community and is renowned for his expertise in Islamic Finance. I also thank our two other Malaysian representatives, Mr. Mohamed Raslan Abdul Rahman of the MASB and Dr. Mohamad Akram Laldin of the ISRA, for their involvement.
The Islamic Finance Consultative Group plays a valued role in advising the International Accounting Standards Board on challenges that may arise when IFRS Standards are applied to Islamic financial instruments and transactions. I look forward to working with the group in the coming years.”
Commenting on his appointment, Faiz said: “I am deeply honoured to be appointed as the new chairman to the Islamic Finance Consultative Group. I hope to be able to continue the good work of the IASB in this important area of global finance and appreciate their commitment to helping the emerging markets adopt their International Financial Reporting Standards. This is also, I believe, a recognition by the IASB of Malaysia’s, and in particular the MASB's, hard work and commitment to develop Islamic Finance."
Faiz has been involved in Global Islamic Finance and Capital Market developments for over a decade. He was the leader of PwC Global Islamic Finance Team from 2007 to September 2012 and was also previously the Financial Services Leader for PwC Malaysia.