AAOIFI and Meezan Bank Host Public Hearing on Draft Shariah Standard on Sukuk
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 in Karachi. The event brought together key figures from the Islamic finance industry, regulatory bodies, Shariah scholars, and academia.
Prominent attendees included Justice (r) Muhammad Taqi Usmani, Chairman Shariah Board of AAOIFI and Meezan Bank, Omar Mustafa Ansari, General Secretary AAOIFI, Mufti Irshad Ahmed Ijaz, Chairman Shariah Advisory Committee of State Bank of Pakistan and Security and Exchange Commission of Pakistan, Irfan Siddiqui, President & CEO of Meezan Bank, and other industry experts.
During the event, Muhammad Taqi Usmani highlighted the importance of Sukuk as a vital Islamic finance instrument and encouraged the industry to explore innovative ways to utilize Sukuk for development projects. Omar Mustafa Ansari emphasized that the draft Sukuk standard underwent an extensive eight-year compilation process and was meticulously discussed by the AAOIFI Shariah Board.
The public hearing provided a platform for constructive dialogue, with industry stakeholders providing suggestions and comments to ensure the robustness and relevance of the proposed standard. AAOIFI is a leading standard-setting body for Islamic finance, developing and maintaining Shariah, accounting, and auditing standards to promote transparency, consistency, and ethical practices in the industry.
Overall, the event was a significant step towards enhancing the understanding and implementation of Shariah-compliant financial instruments like Sukuk in the Islamic finance industry.