Muhammad Taqi Usmani urges innovative Sukuk strategies

July 11, 2024 (MLN): Sukuk's transformative potential extends beyond bridging budgetary deficits to funding development projects, Justice (Retd.) Muhammad Taqi Usmani said while urging the industry leaders to explore innovative strategies for leveraging Sukuk, according to a press statement issued on Wednesday.

During his keynote address at a public hearing session on the new AAOIFI Sukuk Standard, which was organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with Meezan Bank, he emphasised emphasized the importance of Sukuk as a vital Islamic finance instrument. 

"The draft Sukuk standard underwent an extensive eight-year compilation process. It was meticulously discussed during multiple sittings of the AAOIFI Shariah Board," as informed by the General Secretary of AAOIFI, Mr. Omar Mustafa Ansari. 

The public hearing provided a platform for constructive dialogue where the industry provided various suggestions and comments to ensure the robustness and relevance of the proposed standard. 

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.

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