Karachi: The State Bank of Pakistan (SBP) has announced the adoption of AAOIFI Shariah Standard No. 59 on the Sale of Debt, aimed at standardizing and harmonizing Shariah practices across Islamic Banking Institutions (IBIs). The decision, effective immediately, comes with certain clarifications and amendments to ensure compliance.
In a statement, the SBP emphasized that this adoption is an addition to the existing regulations, instructions, and directives issued by the central bank from time to time. Islamic banking institutions are required to align their practices with this new standard while adhering to the broader regulatory framework.
The SBP has also cautioned that non-compliance with these instructions could result in penal action under the relevant provisions of the Banking Companies Ordinance, 1962. This move is part of SBP’s ongoing efforts to enhance the robustness and consistency of Shariah-compliant banking operations in Pakistan.
