SBP adopts AAOIFI to streamline Islamic banking practices

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

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	164,113.63 37.18M	0.10% 164.68
ALLSHR	98,160.22 71.36M	0.05% 45.16
KSE30	49,289.14 25.37M	-0.22% -107.63
KMI30	235,686.18 22.92M	0.14% 318.50
KMIALLSHR	63,676.15 42.07M	0.05% 30.51
BKTi	45,349.17 9.00M	-0.62% -282.32
OGTi	33,623.14 1.71M	0.52% 173.61

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	81,140.00	81,590.00 80,040.00	750.00 0.93%
BRENT CRUDE	113.04	114.07 112.81	-1.40 -1.22%
RICHARDS BAY COAL MONTHLY	113.00	0.00 0.00	1.00 0.89%
ROTTERDAM COAL MONTHLY	109.45	109.70 108.50	2.00 1.86%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	104.15	105.48 103.92	-2.27 -2.13%
SUGAR #11 WORLD	15.31	15.33 14.85	0.36 2.41%