Clerics’ rule change threatens to throw Islamic debt market into turmoil

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Financial Times 1d ago

Clerics’ rule change threatens to throw Islamic debt market into turmoil - Financial Times

Quick Summary:

Islamic law is open to interpretation and there is no single agreed-upon set of rules, with AAOIFI providing guidance based on the consensus view of 21 senior scholars in Islamic law and finance.

Analysts have warned that the proposals represent a seismic change that would add huge legal complexity and raise transaction costs for Islamic bonds, known as sukuk.

Dey added that Standard 62 could lead to the creation of a range of structures, including a covered bond-like instrument — ultra-safe debt that give investors recourse both to the issuing bank and an underlying pool of assets — at one extreme and an equity-like instrument at the other.