Mufti Taqi Usmani Urges Industry to Effectively Use Sukuks for Development Projects

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. In his keynote address Justice (Retd.) Muhammad Taqi Usmani emphasized the importance of Sukuk as a 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 event took place at the Movenpick 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. 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. 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 Nighat Tanweer (Director, Islamic Finance Development Department – SBP ).