The Presidents / Chief Executives,
All Islamic Banks, Islamic Banking Subsidiary and
All Conventional Banks having Islamic Banking Branches
Adoption of 'Accounting and Auditing Organization for Islamic Financial Institutions' (AAOIFI) Shariah Standard(s)
With a view to further strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the AAOIFI Shariah Standard No. 49 - Unilateral and Bilateral Promise (SS – 49) has been adopted with immediate effect subject to clarifications/amendments as given in the attached Appendix – A.
The adoption of the Standards is in addition to current regulations, other instructions and directives issued by SBP from time to time.
The failure to comply with these instructions may invoke penal action under the provisions of Banking Companies Ordinance 1962.
Please acknowledge receipt.
Encl: Appendix - A