SBP adopts AAOIFI to streamline Islamic banking practices

MG News | December 19, 2024 at 03:56 PM GMT+05:00

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December 19, 2024 (MLN): To enhance Shariah compliance and unify practices within the Islamic banking industry, the State Bank of Pakistan (SBP) has adopted Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No. 59, which pertains to the Sale of Debt.

The adoption of this standard is effective immediately and is subject to clarifications and amendments.

This initiative is part of SBP's ongoing efforts to harmonize Islamic banking practices while adhering to its existing regulations, instructions, and directives.

SBP has cautioned all Islamic banks, Islamic banking subsidiaries, and conventional banks with Islamic banking branches to ensure compliance.

Non-adherence to these instructions may lead to penal actions under the Banking Companies Ordinance, 1962.

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