About SBP

The State Bank of Pakistan (SBP) established its Shariah Board in 2003 to provide expert opinion and advise 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:

• Provide Shariah opinion and advice on:
  • The structures/ transactions/ products/ instruments developed by SBP for conducting its central banking and monetary management functions under the Islamic modes
  • 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
  • Any other matter of Shariah Compliance where opinion or advice is sought by the SBP
• Provide Shariah opinion and advice on adoption of International Shariah standards for Islamic Banking Industry keeping in view the local industry dynamics
• Provide Shariah opinion and advice on development and for adoption of regulatory standards for Islamic Banking Industry
• 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
• Provide advice to resolve conflicting opinion of Shariah Boards of IBIs
• Devise measures with regard to training and capacity building to address growing needs of Shariah scholars with expertise in banking and finance
• Perform such other functions as may be assigned from time to time, by the SBP for 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 members, including three Shariah Scholar Members (including Chairman), one Accountant Member, one Lawyer Member, one 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:

• Dr. Muhammad Raghib Hussain as Shariah Scholar Member and Chairman
• Dr. Muhammad Qaseem as Shariah Scholar Member
• Dr. Khalil Ahmad Aazami as Shariah Scholar Member
• Mr. Riaz Riazuddin as Member from other fields i.e. Economics or Banking & Finance
• Dr. Zeeshan Ahmed as Accountant Member
• Barrister Dr. Huma Sodher as Lawyer Member
• Mr. G. M. Abbasi, 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)