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AAOIFI Hosts International Seminar on Sukuk in Bahrain

On October 13, AAOIFI held an international technical workshop in Bahrain on Sukuk structuring, Shari’ah compliance, and accounting standards. Amanah Consultings Group Director Husan Hasanov participated in the event.

Manama, Kingdom of Bahrain — The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) hosted an international technical seminar focused on the structuring, accounting, governance, and Shari’ah compliance of Sukuk (Islamic bonds) throughout their lifecycle.

The seminar brought together global Islamic finance professionals, including Husan Hasanov, Director of Amanah Consultings Group and a leading Islamic finance expert, who represented the organization at the event.

Key Topics Covered in the Seminar:

Participants engaged in deep technical sessions addressing the following key themes:

  1. Structuring Sukuk under AAOIFI Standards: Applying Shari’ah standards to Sukuk structures, underlying asset ownership, risk-sharing mechanisms, and contractual integrity.

  2. Accounting Treatment & Financial Reporting: Best practices for presenting Sukuk in financial statements in alignment with AAOIFI Financial Accounting Standards (FAS) to ensure transparency.

  3. Governance & Lifecycle Management: Implementation of AAOIFI Governance Standard 12 (GS 12) for Sukuk, ensuring continuous Shari’ah compliance monitoring from issuance to maturity.

Strategic Implications for Uzbekistan’s Capital Market

Sukuk plays a pivotal role in unlocking ethical capital from global markets, funding strategic infrastructure projects, and offering sovereign and corporate issuers diversified financing avenues.

For Uzbekistan to fully capitalize on Sukuk instruments, key strategic priorities include:

  • Adopting International Standards: Harmonizing national regulations with AAOIFI Shari’ah, accounting, and governance frameworks.

  • Regulatory & Tax Framework Enhancement: Establishing legal clarity for Special Purpose Vehicles (SPVs), asset transfers, and tax neutrality for Sukuk issuances.

  • Human Capital & Capacity Building: Enhancing the technical expertise of local regulators, financial institutions, legal professionals, and auditors in Islamic capital markets.

Amanah Consultings Group remains committed to bridging global best practices with local market needs, offering end-to-end advisory services for financial institutions and corporates looking to adopt Shari’ah-compliant financial solutions.