The Malaysian Institute of Accountants has
teamed up with the International Centre for Education in Islamic
Finance (ICEIF) to build understanding of Islamic finance among
accounting professionals.

The institute has also launched two new
standard-setting boards, the Audit Assurance Standards Board (AASB)
and the Ethics Standards Board (ESB).

MIA president Nik Mohd Hasyudeen Yusoff told
The Accountant the committee formed with the ICEIF
responds to growing interest in Islamic finance within the
financial markets.

“For these products to be in the mainstream
there are some issues that must be resolved,” he said.

“The committee that MIA has established will
explore the application of [IFRS] with Islamic finance…. The
committee also aspires to provide feedback to [the International
Accounting Standards Board] on special features of Islamic finance
and solutions to align Islamic finance within with the IFRS

The two new standards boards were formed by
elevating two existing committees and incorporating public

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“The move to form the boards is rooted in the
simple fact that spurring good governance is an important agenda
for the MIA. We needed a structure that commands respect from all
parties,” Yusoff said.

The new boards will work to engage
international standard setters in the formation and improvement of
standards – bringing a stronger Malaysian voice to the table.

“We want these boards to rise to the occasion
of articulating corporate Malaysia’s viewpoints and participate in
the international standard-setting process to ensure that the
standards are relevant and applicable to us,” he said.

The boards will also complement the work of
Malaysia’s Audit Oversight Board (AOB), which is not yet
established, but could be operating by the end of this year.

“Working together with the AOB will ensure
that the profession’s views and thoughts are brought to this body.
This is also an important element in creating a capital market that
is well respected,” he said.