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Islamic Finance Consultative Group

In 2011, the International Accounting Standards Board (IASB) conducted a consultation on topics to be included in its technical agenda. As a consequence of that consultation, the IASB decided to establish a consultative group on Shariah-Compliant Instruments and Transactions.

The consultative group is now called the Islamic Finance Consultative Group (IFCG).

The IFCG does not assess whether products are compliant with the requirements of Shariah law. Members are aware that there are differing views on whether particular products are compliant; however, dealing with those views is beyond the remit of the IFCG.

Instead, members intend to focus on challenges that may arise in the application of IFRS® Accounting Standards to instruments and transactions commonly referred to as Islamic finance. The topics discussed would usually be referred to the IASB’s IFRS Interpretations Committee. However, the members of the IASB and the Interpretations Committee are not skilled in the analysis of Islamic products, hence the role of the IFCG and others.

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The IFCG meetings attended by MASB representatives are as follows: