With a view to further strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the State Bank of Pakistan (SBP) has been notifying adoption of Shariah standards from time to time.
2. In order to consolidate the instructions on Adoption of Shariah standards, and to provide ease of access to the end users, it has been decided to issue a compendium of Shariah standards as adopted by the SBP.
3. The compendium contains all amendments / clarifications made and notified by the SBP in the adopted AAOIFI Shariah standards from time to time, as well as the Shariah standard issued by the SBP on ‘Sharikat ul Milk and Diminishing Musharakah (based on Sharikat ul Milk)’. The complete text of AAOIFI Shariah standards may be accessed from the book of Shariah standards published by AAOIFI or from AAOIFI’s website.
4. The compendium is updated as of date. Going forward, adoption of any new Shariah Standard including amendments/clarifications to be notified by the SBP will also become part of the compendium.
5. Please acknowledge receipt.
Encl: Compendium of Shariah Standards Adopted by SBP