The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Meezan Bank recently hosted a significant public hearing session on the draft Shariah Standard on Sukuk. Held at the Movenpick Hotel in Karachi, the event convened prominent figures from the Islamic finance industry, regulatory bodies, renowned Shariah scholars, Shariah Board members from various Islamic financial institutions, academia, and university professors.
Key attendees included Justice (Retd.) Muhammad Taqi Usmani (Chairman Shariah Board of AAOIFI and Meezan Bank), Mr. Omar Mustafa Ansari (General Secretary of AAOIFI), Mufti Irshad Ahmed Ijaz (Chairman Shariah Advisory Committee of the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan), Mr. Irfan Siddiqui (President & CEO of Meezan Bank), Syed Amir Ali (Deputy CEO of Meezan Bank), Mr. Ghulam Muhammad Abbasi (Director, Islamic Finance Policy Department – SBP), and Ms. Nighat Tanweer (Director, Islamic Finance Development Department – SBP).
In his keynote address, Justice (Retd.) Muhammad Taqi Usmani emphasized the importance of Sukuk as a vital Islamic finance instrument. He encouraged the industry to explore innovative ways to utilize Sukuk effectively for development projects beyond merely addressing budgetary deficits.
Mr. Omar Mustafa Ansari, General Secretary of AAOIFI, highlighted that the draft Sukuk standard underwent an extensive eight-year compilation process. It was meticulously discussed during multiple sittings of the AAOIFI Shariah Board.
The public hearing provided a platform for constructive dialogue, where various suggestions and comments were provided by the industry to ensure the robustness and relevance of the proposed standard.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a leading standard-setting body for Islamic finance. AAOIFI develops and maintains Shariah, accounting, and auditing standards to promote transparency, consistency, and ethical practices in the industry.
