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

Dear Sir/Madam,

Adoption of AAOIFI Shariah Standard No. 17 on ‘Investment Sukuk’

                In continuation of our efforts to strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the AAOIFI Shariah Standard No. 17 on ‘Investment Sukuk’ has been adopted with immediate effect subject to clarifications/amendments annexed herewith.

2. The adoption of the Standard is in addition to current Regulations and other instructions and directives issued by SBP from time to time and is not replacing them by any means.

3. The failure to comply with these instructions may invoke penal action under the provisions of Banking Companies Ordinance 1962.

Please acknowledge receipt.

Encl: Annexure