The global authority for Islamic finance is holding off on a planned change to rules for sukuk securities after an outcry from investors that the move would upend the $1 trillion market.
To address those concerns, the Accounting and Auditing Organization for Islamic Financial Institutions will hold at least one more round of talks with key stakeholders — including central banks, major issuers, rating companies and lawyers — before making a decision on its Standard 62 proposal, its Secretary General Omar Mustafa Ansari said in an interview with Bloomberg News.