KARACHI, Dec 20: The Institute of Chartered Accountants of Pakistan (ICAP) has developed International Accounting Standards (IAS) with regard to Islamic banking and financial reporting system, said ICAP president Syed Mohammad Shabbar Zaidi in his speech at the Karachi Income Tax Bar Association on Tuesday.

He observed that the IAS would be released from the first day of 2006 and said that it would be most transparent IAS with regard to Islamic banking and finance. Pakistan would be the first Muslim country to have successfully drafted the IAS, said the ICAP president.

He asserted that the IAS would, besides standardization, make available sound foundations for the speedy spread and growth of Islamic banking and finance. It would help directly in establishing more Sharia-compliant banks, financial institutions in the country thus creating new job opportunities for young trained manpower, he said.