The Shariah Board of the State Bank of Pakistan
has approved and incorporated some of the suggestions
given by different stakeholders in the Essentials
of Islamic Modes of Financing to ensure compliance
with minimum Shariah standards by banks conducting
Islamic banking in Pakistan. These essentials
have been placed on SBP website (http://www.sbp.org.pk/)
as General Guidelines to be followed by banking
institutions conducting Islamic banking in the
country.
Essentials
of Islamic Modes of Financing
These Essentials are proposed to be enforced as
Prudential Regulations for Islamic banks in due
course.
Similarly, in order to facilitate the existing
Islamic banks and the potential market players
to develop Islamic banking products in particular
and to create awareness about Islamic banking
products in general, Model Agreements for the
following modes have also been updated in the
light of stakeholder’s comments by the SBP
Shariah Board. The following links may be clicked
to access the same from our website (http://www.sbp.org.pk/)
1. Murabaha
Facility Agreement
2. Musawamah
Facility Agreement
3. Lease
Agreement
4. Salam
Agreement
5. Musharaka
Investment Agreement
6. Istisna
Agreement
7. Agreement
for Interest free Loan
8. Mudaraba
Financing Agreement
9. Syndication
Mudaraba Agreement
It may be pointed out that these are model agreements,
which can be modified, according to the products
designed by the banks conducting Islamic banking
business, with the approval of banks Shariah Adviser
to ensure that such changes are consistent with
the principles of Shariah.
Any
queries with respect to the Essentials or Model
Agreements may please be sent to Mr. Pervez Said,
Director, Islamic Banking Department / Adviser
to the Governor on Islamic Banking, State Bank
of Pakistan, Karachi through mail / fax (021-9212472)
or e-mail (pervez.said@sbp.org.pk).
Essentials
of Islamic Modes of Financing
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