Code needs a specification. Shariah interpretation doesn't have one yet. AAOIFI's Shariah Standard No. 62 - which would force real legal transfer of assets to sukuk holders and kill guaranteed returns - has been in consultation since November 2023 and isn't final. AAOIFI's standards are adopted fully, partially or as guidance across roughly 21 jurisdictions; Malaysia, Saudi Arabia and Indonesia, between them about 68% of 2024 sukuk issuance, don't mandate them at all. Meanwhile the IFSB's 2026 report flags "hybrid risks" - Islamic products drifting close enough to conventional banking that the prudential frameworks no longer catch what's underneath. You cannot compile a rule that scholars haven't settled. So, what can be embedded in the infrastructure, and what has to stay human?
