Please refer to Islamic Financial Accounting Standard-3 for Profit & Loss Sharing on Deposits (IFAS-3) notified by the Securities & Exchange Commission of Pakistan (SECP), vide their SRO No. 571 of 2013 dated June 12, 2013 for Institutions offering Islamic Financial Services (IIFS).

In order to improve transparency in disclosures and to standardize best accounting practices among Islamic banking institutions (IBIs), SBP is in the process of revising the forms of financial statements prescribed vide BSD Circular No. 04 of 2006 and BSD Circular Letter No. 02 of 2004, in light of IFAS-3 and other developments.

Therefore, it has been decided that the annual, half yearly and quarterly reporting requirements of IFAS-3 for IBIs would be notified by SBP through issuance of specific instructions and uniform disclosure formats in consultation with IBIs.  In the meantime, IBIs are advised to prepare their annual and periodical financial statements as per existing prescribed formats issued vide BSD Circular 04 of 2006 and BSD Circular Letter No. 02 of 2004, as amended from time to time.

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