Karachi: A pivotal public hearing on the new Shariah Standard on Sukuk was jointly hosted by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Meezan Bank at the Movenpick Hotel. The session brought together key figures from the Islamic finance sector to discuss the draft standard, which has been in development for the past eight years.

According to Meezan Bank Limited, the event featured a keynote address by Justice (Retd.) Muhammad Taqi Usmani, who stressed the critical role of Sukuk in Islamic finance and urged the industry to find innovative uses for Sukuk in development projects. The General Secretary of AAOIFI, Mr. Omar Mustafa Ansari, noted that the draft standard had been thoroughly vetted during multiple sessions of the AAOIFI Shariah Board to ensure its effectiveness and relevance.

The hearing allowed for a productive exchange of ideas, with industry participants providing suggestions and feedback. This dialogue aimed to refine the standard further, ensuring its robustness and applicability across the industry. The session underscored the commitment of AAOIFI and Meezan Bank to enhancing regulatory frameworks and promoting ethical practices within Islamic finance.