The Presidents / Chief Executives,
All Islamic Banks, Islamic Banking Subsidiary and
All Conventional Banks having Islamic Banking Branches
Dear Sir/Madam,
Adoption of 'Accounting and Auditing Organization for Islamic Financial Institutions'
(AAOIFI) Shariah Standards
With a view to further strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, following AAOIFI Shariah Standards have been adopted with immediate effect subject to clarifications/amendments as given in the attached Appendix – A.
- Shariah Standard No. 36 (Impact of Contingent Incidents on Commitments)
- Shariah Standard No. 37 (Credit Agreement)
2. The adoption of these Standards is in addition to applicable regulations, instructions and directives issued by SBP from time to time.
3. Failure to comply with these instructions may invoke penal action under the relevant provisions of the Banking Companies Ordinance 1962.
Encl: Appendix - A
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