SBP introduces new Shariah standards to enhance compliance in Islamic banking

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

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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.

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