New Shariah standards for Islamic banking take effect

MG News | August 30, 2023 at 12:20 PM GMT+05:00

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August 30, 2023 (MLN): To enhance Shariah compliance framework and practices in the Islamic banking industry, the AAOIFI Shariah Standards No. 15 (Ju’alah), No. 39 (Mortgage and its Contemporary Applications) and No. 46 (Al-Wakalah Bi Al-Istithmar (Investment Agency)) have been adopted with immediate effect, circular notification issued on Tuesday stated.

“This development is subject to clarifications/amendments as given in the attached Appendix A,” the circular reads.

Adoption of the standards is in addition to current regulations, other instructions, and directives issued by SBP from time to time.

Accordingly, failure to comply with these instructions may invoke penal action under the provisions of the Banking Companies Ordinance 1962.

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