Advertisement
Categories: BusinessNewsPakistan

AAOIFI and Meezan Bank jointly hosted a public hearing session on the new AAOIFI Sukuk Standard

Advertisement

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with Meezan Bank hosted a significant public hearing session on the draft Shariah Standard on Sukuk. The event took place at the local Hotel in Karachi and brought together prominent figures from the Islamic finance industry, regulatory bodies, notable 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), 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, Meezan Bank), Syed Amir Ali (Deputy CEO, Meezan Bank), 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 vital Islamic finance instrument. He also encouraged the industry to explore innovative ways to utilize Sukuk effectively for development projects beyond addressing budgetary deficits.

General Secretary of AAOIFI, Omar Mustafa Ansari, 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 suggestion 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.

Advertisement
News Desk

Recent Posts

PM Shehbaz Removes PTV Fee from Electricity Bills, Launches Consumer-Led Billing App to Curb Overcharging

Prime Minister Shehbaz Sharif announced on Sunday the complete elimination of the PTV licence fee…

9 hours ago

Strengthening Educational Assessment in Balochistan: AKU-EB Concludes Capacity Building Project with Balochistan Assessment and Examination Commission

The Aga Khan University Examination Board (AKU-EB) has successfully concluded a capacity development and technical…

9 hours ago

Revolutionizing Pakistan’s Digital Landscape: USF Launches 7 New Broadband Services/Ofc Projects of Pkr 7.49 Billion to Enable 3.76 Million Residents From 12 Districts

In a landmark decision, the Universal Service Fund's (USF) Board of Directors has greenlit seven…

9 hours ago

Pakistan Enters Top 100 of Global Passport Index, Eyes Further Gains with Digital Upgrades

Pakistan’s passport has made a notable leap in global mobility rankings, entering the top 100…

1 day ago

International Survey Reveals Pakistanis Support Actions to Address Climate Change

An international survey conducted across 17 total countries, including Pakistan, was commissioned by the Global…

1 day ago

Pakistan’s first AI data center launched

Data Vault Pakistan has officially launched the country’s first AI-focused data center in Karachi, a…

1 day ago