SBP adopts AAOIFI to streamline Islamic banking practices

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

Add Mettisglobal as a Trusted Source on Google

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,511.86 278.75M	0.98% 1646.82
ALLSHR	103,203.80 682.99M	0.89% 908.76
KSE30	50,839.23 100.13M	1.18% 592.12
KMI30	243,245.60 147.66M	1.61% 3852.07
KMIALLSHR	66,892.15 407.33M	1.15% 757.54
BKTi	47,509.55 28.38M	0.77% 361.93
OGTi	34,789.19 8.38M	1.60% 547.02

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	77,475.00	77,640.00 77,235.00	45.00 0.06%
BRENT CRUDE	104.32	109.97 103.50	-3.31 -3.08%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	1.70 1.33%
ROTTERDAM COAL MONTHLY	140.00	0.00 0.00	-0.75 -0.53%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	99.99	104.46 98.48	-2.49 -2.43%
SUGAR #11 WORLD	18.15	18.84 17.93	-0.58 -3.10%