The Presidents / Chief Executives,
All Islamic Banks, Islamic Banking Subsidiaries and
All Conventional Banks having Islamic Banking Branches

Dear Sir/Madam,

Shariah Governance Framework for Islamic Banking Institutions

Please refer to IBD Circular No. 01 of 2018 and IBD Circular Letter No. 01 of 2021, wherein Shariah Governance Framework (SGF) for Islamic Banking institutions (IBIs) was notified.

2. With a view to further strengthen the SGF and to align it with international best practices, market developments and considering the feedback received from stakeholders, the SGF has been revised and issued for compliance by IBIs.

3. The revised SGF shall be effective from January 01, 2025. The IBIs are advised to make necessary arrangements to comply with the requirements of the revised SGF and submit compliance status to State Bank of Pakistan by March 31, 2025.

4. All submissions required in the SGF shall be sent to the Director, Islamic Finance Policy Department.

5. Any non-compliance with provisions of the SGF will render the bank liable for penal action under the relevant provisions of the Banking Companies Ordinance, 1962.

6. Please acknowledge receipt.

Encl: Shariah Governance Framework (SGF) for IBIs