The State Bank of Pakistan (SBP) established its Shariah Board in 2003 to provide expert opinion and advice the SBP on Shariah related matters. Later the name Shariah Board was changed to Shariah Advisory Committee (SAC).

This apex body comprises of members with diverse expertise in the fields of Shariah as well as Accounting, Law, Economics/Banking & Finance, with good knowledge of Islamic finance and practices.

Role and responsibilities of SAC:
The role of the Shariah Advisory Committee shall be advisory in nature and shall advice SBP on the issues presented for its advice. The role and responsibilities of Shariah Advisory Committee shall be as follows:

1. Provide Shariah opinion and advice on:

i. the structures / transactions / products / instruments developed by SBP for conducting its central banking and monetary management functions under the Islamic modes,
ii. the structures / transactions / products instruments developed by Islamic Banking Institutions (IBIs) if submitted by Islamic Finance Policy Department (IFPD)-SBP for seeking opinion of Shariah Advisory Committee,
iii. any other matter of Shariah Compliance where opinion or advice is sought by the SBP.


2. Provide Shariah opinion and advice on adoption of International Shariah standards for Islamic Banking Industry keeping in view the local industry dynamics.
3. Provide Shariah opinion and advice on development and for adoption of regulatory standards for Islamic Banking Industry.
4. Provide advice to resolve the issues of conflict or difference of opinion, between banks and SBP, arising from the Shariah compliance inspection of the banks under the supervisory control of SBP.
5. Provide advice to resolve conflicting opinion of Shariah Boards of IBIs.
6. Devise measures with regard to training and capacity building to address growing needs of Shariah scholars with expertise in banking and finance.
7. Perform such other functions as may be assigned from time to time, by the SBP for conducting of smooth functioning of Islamic financial system.
   
   

Composition of SAC:
The Board of Directors of SBP approved the 9th term of SAC in April 2025 for a term of three years. The SAC comprises of seven (7) members, including three (3) Shariah Scholar Members (including Chairman), one (1) Accountant Member, one (1) Lawyer Member, one (1) Member from other fields i.e. Economics or Banking & Finance and the Executive Director of Islamic Finance Group (IFG) as ex-officio member of the SAC. The Director Islamic Finance Policy Department (IFPD), SBP acts as a Secretary to the SAC. Accordingly, the composition for the 9th Term of SAC is as follows:

1. Dr. Muhammad Raghib Hussain as Shariah Scholar Member and Chairman,
2. Dr. Muhammad Qaseem as Shariah Scholar Member,
3. Dr. Khalil Ahmad Aazami as Shariah Scholar Member,
4. Mr. Riaz Riazuddin as Member from other fields i.e. Economics or Banking & Finance,
5. Dr. Zeeshan Ahmed as Accountant Member,
6. Barrister Dr. Huma Sodher as Lawyer Member,
7. Syed Samar Hasnain, Executive Director Islamic Finance Group (IFG), SBP as ex-officio member,

whereas Dr. Zahid ur Rehman Khokher, Director Islamic Finance Policy Department (IFPD) is the ex-officio Secretary (non-member) of the SAC.

List of Previous Members:
Since its inception, following members have served on Shariah Advisory Committee (formerly SBP Shariah Board)

Term	Year(s)	Chairman (Shariah Scholar)	Shariah Scholar Member(s)	Accountant Member	Lawyer Member	Member from Other Fields i.e. Economics or Banking & Finance*	Ex-Officio Member**	Ex-Officio Secretary (non-member)
8th	2021 - 2025	Mufti Irshad Ahmad Aijaz	i) Dr. Noor Ahmed Shahtaz ii) Ayatullah Shabbir Hasan Lakhani (Maisami)	Mr. Haroon Tabraze	Mr. Mehmood Mandviwalla	Mr. Mansur-Ur-Rehman Khan	Syed Samar Hasnain	Mr. Ghulam Muhammad / Dr. Zahid ur Rehman Khokher
7th	2018 - 2021	Mufti Irshad Ahmad Aijaz	i) Dr. Noor Ahmed Shahtaz ii) Ayatullah Shabbir Hasan Lakhani (Maisami)	Syed Najmul Hussain	Justice (R) Syed Jamshed Ali	Mr. Mansur-Ur-Rehman Khan	Syed Samar Hasnain	Mr. Ghulam Muhammad
6th	2014 - 2018	Justice (R) Mufti Taqi Usmani	i) Mufti Muhammad Zubair Usmani ii) Dr. Muhammad Qaseem	Mr. Ebrahim Sidat	Justice Khalil-ur- Rehman	-	Mr. Saleem Ullah / Mr. Yavar Moini / Mr. Ghulam Muhammad	-
5th	2012 - 2013	Dr. Fida Muhammad Khan	i) Mufti Muhammad Zubair Usmani ii) Dr. Muhammad Qaseem	Mr. Ebrahim Sidat	Justice Khalil-ur- Rehman	-	Mr. Saleem Ullah	-
4th	2010 - 2011	Dr. Mahmood Ahmad Ghazi / Dr. Fida Muhammad Khan***	Dr. Imran Ashraf Usmani	Mr. Ebrahim Sidat	Syed Riaz-ul-Hasan Gilani	-	Mr. Pervez Said / Mr. Saleem Ullah	-
3rd	2008 - 2009	Dr. Mahmood Ahmad Ghazi	Dr. Imran Ashraf Usmani	Mr. Ebrahim Sidat	Syed Riaz-ul-Hasan Gilani	-	Mr. Pervez Said	-
2nd	2006 - 2007	Dr. Mahmood Ahmad Ghazi	Dr. Imran Ashraf Usmani	Mr. Ebrahim Sidat	Syed Riaz-ul-Hasan Gilani	-	Mr. Pervez Said	-
1st	2003 - 2005	Dr. Mahmood Ahmad Ghazi	Dr. Imran Ashraf Usmani	Mr. Ebrahim Sidat	Syed Riaz-ul-Hasan Gilani	-	Mr. Pervez Said	-


* This position was introduced in the 7th term of SAC and continues onwards.
** Until the 6th Term of SAC, the Director IFPD (formerly IBD) served as Member/Secretary of the SAC. From the 7th term onward, the Executive Director IFG became the ex-officio member of SAC, whereas Director IFPD became the ex-officio Secretary (non-member).
*** Dr. Fida Muhammad Khan replaced Dr. Mahmood Ghazi following his sudden demise in April 2011.