07.02.2012 - SBP amends instructions regarding Murabaha transactionsí invoices
The State Bank of Pakistan (SBP) on Monday amended its earlier instructions with regard to obtaining invoices in the name of bank in Murabaha transactions. IBD Circular No 2 of 2008 (Appendix-A- Essentials of Islamic Modes-Murabaha, Sub Clause VI) requires Islamic Banking Institutions (IBIs) to obtain invoices in the name of bank in Murabaha transactions. However, considering the practical difficulties in obtaining invoices, particularly, in transactions like purchase of phutti, raw hides, milk, sugarcane, etc, the instructions on obtaining invoices have been reviewed and amended:.............................................Full Article: Source
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