SBP adopts AAOIFI shariah standards to strengthen Islamic banking

By MG News | June 12, 2024 at 05:53 PM GMT+05:00

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June 12, 2024 (MLN): To further strengthen the Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the AAOIFI Shariah Standards No34 and No54 have been adopted with immediate effect subject to clarifications/amendments, the central bank said in a circular issued today.

Shariah Standard No34 pertains to the Hiring of Persons, while No54 covers the Revocation of Contracts by the Exercise of a Cooling-Off Option.

The adoption of these 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, SBP warned.

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