An important public hearing on the draft Shariah Standard on Sukuk was organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in collaboration with Meezan Bank.
Justice (Retd.) Muhammad Taqi Usmani stressed the significance of Sukuk as an essential Islamic financial tool in his keynote speech. In addition, he urged the sector to look into creative methods to use Sukuk for development initiatives rather than just covering budgetary shortfalls.
Omar Mustafa Ansari, the general secretary of AAOIFI, emphasized that a rigorous eight-year compilation process went into creating the draft Sukuk standard. The AAOIFI Shariah Board convened and deliberated on it in great detail. Prominent representatives of the Islamic financial sector, academics, university professors, regulatory agencies, noteworthy Shariah Scholars, and Shariah Board members from major Islamic Financial Institutions were present at the event, which was held at the Movenpick Hotel in Karachi.
In order to assure the strength and applicability of the proposed standard, the industry offered a range of proposals and comments during the public hearing, which served as a forum for productive discussion. One of the main organizations that sets standards for Islamic finance is the Accounting and Auditing
Organization for Islamic Financial Institutions (AAOIFI). AAOIFI creates and upholds Shariah, accounting, and auditing standards to encourage moral behavior, uniformity, and openness in the sector.
