SBP adopts AAOIFI Shariah Standard 20 for Islamic Banks

MG News | March 21, 2025 at 03:21 PM GMT+05:00

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March 21, 2025 (MLN): The State Bank of Pakistan (SBP) has mandated the adoption of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No. 20 concerning the Sale of Commodities in Organized Markets across the Islamic banking industry, effective immediately.

According to the Circular issued to all Islamic banks, Islamic banking subsidiaries, and conventional banks with Islamic banking branches today, the move is aimed to enhance Shariah compliance and standardize industry practices.

The circular clarifies that the adoption of this standard will be subject to amendments and clarifications and will complement existing regulations, instructions, and directives issued by SBP.

Banks have been warned that non-compliance could result in penal action under the Banking Companies Ordinance, 1962.

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