AAOIFI pauses Standard 62

GLOBAL: The AAOIFI has halted its planned amendments to Sukuk rules following investor concerns that the proposed Standard 62 would significantly alter the US$1 trillion market. AAOIFI Secretary-General Omar Mustafa Ansari told Bloomberg News that the body will hold additional consultations with stakeholders including central banks, major issuers, rating agencies and legal advisers before making a final decision. Omar stressed that while the standard is being delayed, its core objective of reinforcing Shariah principles remains unchanged, with a transition period and grandfathering expected once finalized.