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State Bank of Pakistan to adopt AAOIFI Shariah standards

Posted on 18 January 2010

From Pakistantimes.net: State Bank of Pakistan has decided to gradually adopt Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The standards will cater to the need of local environment and that of Islamic banking industry in the country, said an SBP circular here on Saturday.

The decision to adopt AAOIFI Shariah Standards has been taken to harmonize and standardize the Shariah practices and procedures of Islamic banking institutions (IBIs) in the country as per internationally recognized standards…………………………………..Full Article: Source

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