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 […]
The State Bank of Pakistan (SBP) has updated the terms and conditions for appointing Shariah scholars in Islamic banks and Islamic banking divisions. This revision aligns with the expanding Islamic banking sector and aims to facilitate the transformation of the conventional banking system into an Islamic banking model by 2028. Key Highlights of the Revised […]
Islamabad: October 31, 2024 – The State Bank of Pakistan (SBP) has officially adopted new Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), aimed at strengthening the Shariah compliance framework in Pakistan’s Islamic banking sector. According to an SBP circular released on Tuesday, this move will further harmonize Shariah […]
In a significant move aimed at accelerating the transition of conventional banking to Islamic banking, the State Bank of Pakistan (SBP) has revised the criteria for converting conventional banking branches into Islamic banking branches. This step aligns with the Federal Sharia Court’s directive to eliminate interest-based banking in the country and is part of the […]