The Presidents/Chief Executive Officers
All Islamic Banks
All Conventional Banks having Islamic Banking Branches/ Subsidiary

Dear Sir,

Report of Shari’ah Board – Para 3(E) of Shariah Governance Framework

In terms of Para 3(E) of Shariah Governance Framework (SGF) for Islamic Banking Institutions (IBIs) notified vide IBD Circular No. 1 of 2015, it has been prescribed that Shariah Board (SB) of an IBI shall prepare a report on the IBI’s Shari’ah compliance environment and conditions, which shall be published in the IBI’s annual report.

2. In order to enhance understanding about the report of Shariah Board and for a better public disclosure, it is advised that with effect from December 31, 2016 all IBIs shall also publish the Urdu translation of their Shariah Board’s report in their annual report.

3. Other instructions contained in the said Framework shall remain unchanged.

4. Please acknowledge receipt.