In this perspective, it is worth noting that in the current turbulent period, raising finance through Sukuk issuance appears to be cheaper than recurring to conventional bonds due to the burgeoning demand for Islamic instruments.
11 To reflect the specific needs of Shari’ah-compliant finance, the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) and the IFSB (Islamic Financial Services Board) are working on developing international supervisory standards for instance to improve the corporate governance frameworks or implement capital adequacy and risk management standards for Islamic financial institutions.