SBP Adopts AAOIFI Shariah Standard to enhance Islamic Banking

MG News | January 31, 2025 at 03:48 PM GMT+05:00

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January 31, 2025 (MLN): The State Bank of Pakistan (SBP) has officially adopted the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No. 47 to enhance the Shariah compliance framework within the Islamic banking sector.

According to the circular, issued to all Islamic banks, Islamic banking subsidiaries, and conventional banks with Islamic banking branches, AAOIFI Shariah Standard No. 47 will be enforced immediately, subject to amendments and clarifications outlined.

Failure to comply with these instructions could lead to penal action under the relevant provisions of the Banking Companies Ordinance 1962.

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