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?
Har qanday kod uchun texnik talabnoma (spetsifikatsiya) zarur. Shariat talqinida esa u hali mavjud emas. Aktivlarni sukuk egalariga real huquqiy o‘tkazishni majburiy qilib, kafolatlangan daromadni bekor qiladigan AAOIFI’ning 62-sonli Shariat standarti 2023-yil noyabr oyidan beri muhokamada va hali yakuniy tasdiqlanmagan. AAOIFI standartlari taxminan 21 ta yurisdiksiyada to‘liq, qisman yoki tavsiya sifatida qabul qilingan; 2024-yildagi sukuk emissiyasining qariyb 68 foizini tashkil etuvchi Malayziya, Saudiya Arabistoni va Indoneziya esa ularni umuman majburiy deb hisoblamaydi. Shu bilan birga, IFSBning 2026-yilgi hisobotida gibrid xatarlar muammosi alohida qayd etiladi. Ayrim islomiy moliyaviy mahsulotlar an’anaviy bank xizmatlariga tobora yaqinlashib borayotgani sababli, amaldagi prudensial tartibga solish mexanizmlari ularning haqiqiy tavakkalchilik xususiyatlarini to‘liq aks ettira olmayapti. Shariat ulamolari o‘rtasida hali yakdil qarash shakllanmagan masalalar bo‘yicha esa samarali tartibga solish qoidalarini ishlab chiqish mushkul. Xo‘sh, nimalarni infratuzilmaga joriy etish mumkin-u, nimalar inson ixtiyorida qolishi kerak?
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