Please
refer to IBD Circular No. 1 of 2015 wherein
‘Shari’ah Governance Framework
for Islamic banking institutions (IBIs)
was notified. The framework was applicable
with effect from July 01, 2015.
2. In view of the
industry practices and considering the feedback
received from various quarters, the Framework
has been further refined and is being issued
for compliance by IBIs. Further, IBD Circular
Letter No.1 of 2016 and IBD Circular Letter
No.1 of 2017, have been made part of the
revised Framework, therefore, both the circulars
stands withdrawn. The Framework shall come
into force with immediate effect. The IBIs
are advised to make all the necessary arrangements
to comply with the requirements of the Framework
and submit compliance status to IBD-SBP
by July 31, 2018.
3. Any
non-compliance with provisions of the Framework
will render the bank liable for penal action
under the provisions of Banking Companies
Ordinance, 1962.
4. Please
acknowledge receipt.
Encl:
Shari’ah
Governance Framework for IBIs