State Bank of Pakistan Adopts Four Additional AAOIFI Shariah Standards  

The State Bank of Pakistan (SBP) has announced its adoption of four more Shariah standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as per a press release issued on the 4th of July 2022.

Why it Matters?

SBP has been gradually and methodically implementing AAOIFI Shariah standards to elevate the local Islamic banking sector to parity with global best practises and further increase the standardisation and harmonisation of Shariah processes and procedures. The implementation of the standards, as part of SBP's 3rd Strategic Plan for the Islamic Banking Industry 2021–25, follows a thorough examination process and discussions with internal and external stakeholders, and it is in accordance with other existi...