The Presidents / Chief Executives,

All Islamic Banks, Islamic Banking Subsidiary and

All Conventional Banks having Islamic Banking Branches

Dear Madam/Sir,

Shari’ah Governance Framework (SGF) for Islamic Banking Institutions (IBIs)

1. Please refer to Para 3A(v) of IBD Circular No. 01 of 2018 dated June 07, 2018 on the captioned subject.
2. In this regard, existing Para 3A(v) stands replaced with following:

   “The SB members, except RSBM, may serve on the SBs of up to three IBIs in Pakistan. However, the IBI must ensure that its SB has at least 2 members (other than RSBM), who are not on the SB of any other IBI. Hence, each IBI will have at least three unique members in SB including RSBM.”

3. The above revision shall be effective from 1st July, 2021. However, IBIs are encouraged to initiate the process of realignment of their SBs as per the above revision immediately.
4. All other instructions on the subject shall remain unchanged.
5. Please acknowledge receipt.