Islamic Banking adopts several AAOIFI shariah standards

MG News | January 22, 2024 at 04:07 PM GMT+05:00

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January 22, 2024 (MLN): To further strengthen the Shariah compliance framework and harmonize Shariah practices in the Islamic banking industry, several Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standards have been adopted with immediate effect.

The Islamic Finance Policy department of the State Bank of Pakistan (SBP) disseminated this information through a circular issued today.

These standards are subject to clarifications/amendments given in ‘Appendix – A’.

Standard No.	Shariah Standards
04	Settlement of Debts by Set-Off
07	Hawalah
16	Commercial Papers
22	Concession Contracts
48	Options to Terminate Due to Breach of Trust (Trust-Based Options)
51	Options to Revoke Contracts Due to Incomplete Performance
52	Options to Reconsider (Cooling-Off options, Either-Or Options, and Options to Revoke Due to Non-Payment)

The adoption of the above Standards is in addition to applicable regulations, instructions, and directives issued by SBP from time to time.

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

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