Islamabad (TDI): The State Bank of Pakistan (SBP) on Thursday announced new Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah standards for immediate adoption.
These standards are Shari’ah Standard (SS) No. 42 – Financial Rights and Their Exercise and Transfer, SS No. 45 – Protection of Capital and Investments, and SS. No. 53 – Arboun (Earnest Money).
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The move will further strengthen the Shariah compliance framework and harmonize the Shariah practices in the Islamic banking industry, the central bank said.
It should be noted that the implementation of Shariah standards is supplementary to the existing regulations, as well as other guidelines and directives issued by the State Bank of Pakistan (SBP) from time to time.
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It added that non-compliance with these instructions may result in penalties under the provisions of the Banking Companies Ordinance, 1962.
