Islamic banking: Shariah advisers to attend meeting

SBP advises all Islamic banking institutions to invite Shariah adviser for discussion on Shariah compliance.

KARACHI: The State Bank of Pakistan (SBP) has advised all Islamic banking institutions (IBIs) to invite their Shariah adviser for discussion on Shariah compliance report in the board of directors’ meetings during which annual audited accounts and the adviser’s report are discussed and approved.

In an announcement on Tuesday, the SBP said that the instruction is aimed at providing an opportunity to Shariah advisers to present the report, prepared in compliance with SBP instructions, to the board of directors and apprise it about the assessment on the overall Shariah compliance levels and environment in the IBIs.

Published in The Express Tribune, December 8^th, 2010.