| The State Bank of Pakistan (SBP) has issued detailed instructions for Profit and Loss Distribution and Pool Management in Islamic Banking Institutions (IBIs) in order to improve transparency and disclosures and bring standardisation in IBIs’ profit and loss distribution policies and practices.
Instructions are applicable with immediate effect and Para IV of annexure-II of IBD circular 2 of 2008 stands withdrawn. Provisions of BPRD circular 7 of 2008 regarding minimum rate of return on savings deposits as amended from time to time shall no more be applicable on IBIs...............................................Full Article: Source
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