KARACHI: The State Bank of Pakistan (SBP) has announced adoption of AAOIFI Shariah Standard No. 59 – Sale of Debt aimed at standardizing and harmonizing Shariah practices in Islamic Banking Institutions (IBIs) with immediate effect subject to clarifications/amendments.
The adoption of this standard is in addition to applicable regulations, instructions and directives issued by SBP from time to time. SBP said that failure to comply with these instructions may invoke penal action under the relevant provisions of the Banking Companies Ordinance 1962.
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