AAOIFI Virtual Public Hearing Session for the exposure draft of AAOIFI FAS 1 started with opening remarks of Mr. Osman Akyüz, Secretary General

Distinguished Guests, Ladies and Gentlemen Warmest welcome to Online Public Hearing Session organized in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Participation Banks Association of Turkey (TKBB) and Public Oversight Accounting and Auditing Standards Authority (KGK). I would like to relay our sincere greetings to all participants on behalf of Participation Banks Association of Turkey (TKBB).

As we globally recognize that standardization has been carrying its significant role at the development of Islamic Finance industry. We need to continue our collaboration on this topic for the enhancement of the activities of Islamic Financial Institutions. We believe that standardization will also improve customer perception and transparency at respectful jurisdictions. We would like to share our sincere thanks and appreciation to AAOIFI for enabling industry to move forward with standardization responsibility and wish to keep our support for the upcoming standards.

As TKBB, we do highly appreciate our collaboration with AAOIFI and significantly benefit from its publications and standards. We take AAOIFI standards as reference for the development of our local standards and decisions at related cases. As TKBB, we also published two times Turkish translation of AAOIFI standards and distribute it to participation banks, public institutions, and universities. We strongly believe that all those mutually beneficial cooperative activities will increase the standardization awareness in Turkey and international Islamic Finance industry.

Today at this webinar, AAOIFI will present its upcoming standard related to AAOIFI Financial Accounting Standards (FAS). We expect your kind attention and contribution to ensure the final standard is comprehensive and during this virtual webinar if you have any views, feedback, and comments on the presented exposure draft, please share with the team before it is finalized.

Wishing a very fruitful and insightful discussions of the related exposure draft, with this opportunity hope to increase awareness of standardization at the industry.

Kind regards to all participants.

TKBB Secretary General Osman Akyüz