We study the standing periodic waves in the semi-discrete integrable system modelled by the Ablowitz-Ladik equation. We have related the stability spectrum to the Lax spectrum by separating the variables and by finding the characteristic polynomial for the standing periodic waves. We have also obtained rogue waves on the background of the modulationally unstable standing periodic waves by using the end points of spectral bands and the corresponding eigenfunctions. The magnification factors for the rogue waves have been computed analytically and compared with their continuous counterparts. The main novelty of this work is that we explore a non-standard linear Lax system, which is different from the standard Lax representation of the Ablowitz-Ladik equation.

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