SBP introduces new Shariah standards to enhance compliance in Islamic banking

MG News | September 12, 2024 at 03:46 PM GMT+05:00

0:00

September 12, 2024 (MLN): With a view to further strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the State Bank of Pakistan (SBP) has introduced certain AAOIFI Shariah standards for immediate adoption.

Shariah Standard No. 42: Financial Rights and Their Exercise and Transfer
Shariah Standard No. 45: Protection of Capital and Investments
Shariah Standard No. 53: Arboun (Earnest Money)

It is important to note that the adoption of the Shariah standards is in addition to current regulations, other instructions and directives issued by SBP from time to time.

Moreover, failure to comply with these instructions may invoke penal action under the provisions of Banking Companies Ordinance, 1962.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	154,421.43 202.93M	-0.92% -1437.05
ALLSHR	92,487.78 401.80M	-0.96% -898.05
KSE30	47,322.74 112.52M	-1.11% -528.79
KMI30	221,927.00 101.40M	-0.80% -1792.09
KMIALLSHR	59,889.41 199.88M	-1.08% -652.12
BKTi	44,127.70 34.85M	-1.99% -894.82
OGTi	31,715.42 8.74M	-2.31% -748.93

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	70,585.00	71,145.00 69,345.00	-240.00 -0.34%
BRENT CRUDE	98.30	101.59 95.20	6.32 6.87%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-10.20 -9.31%
ROTTERDAM COAL MONTHLY	121.50	0.00 0.00	0.10 0.08%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	93.09	95.97 88.61	5.84 6.69%
SUGAR #11 WORLD	14.34	14.43 14.12	0.09 0.63%