Reassessing Ṣukūk Authenticity: A Hexagonal Fiqhī Appraisal of AAOIFI Sharīʿah Standard No. 62

This article analyses the impact of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Sharīʿah Standard No. 62 (SS62) on the global ṣukūk market. Issued in November 2023, SS62 mandates a shift from debt-based models (beneficial ownership) to genuine risk-sharing and asset ownership (true ownership). Leveraging the ‘hexagonal fiqhī framework’, the present study bridges classical Islamic jurisprudence with the realities of the modern capital markets and proposes institutional innovations to ease the transition.