SBP adopts AAOIFI Shariah Standard on Tawarruq

MG News | October 17, 2026 at 04:28 PM GMT+05:00

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October 17, 2026 (MLN): The State Bank of Pakistan (SBP) has adopted the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No. 30 on Monetization (Tawarruq) with immediate effect, subject to clarifications and amendments specified in Appendix A.

The adoption aims to strengthen the Shariah compliance framework and harmonize Shariah practices across Pakistan’s Islamic banking industry, according to SBP notice.

SBP has also issued the “Guidelines on Application of Ḥajah (Need) in Tawarruq-based Transactions” under Annexure I. The adoption of the standard and the issuance of the guidelines are in addition to the existing regulations, instructions and directives issued by SBP from time to time.

Failure to comply with these instructions may result in penal action under the relevant provisions of the Banking Companies Ordinance, 1962.

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