KARACHI: The State Bank of Pakistan on Tuesday issued the Shariah Governance Framework for Islamic Banking Institutions (IBIs), which will be effective from July 1, 2015.

“In view of the feedback received from various quarters and deliberations of the SBP Shariah Board, the framework has been further refined and is being issued for compliance by IBIs,” the central bank said. The IBIs were advised to make all the necessary arrangements to comply with requirements of the framework.

Moreover, as ‘Fit and Proper Criterion (FAPC)’ for the appointment of member Shariah board of an IBI is made part of the framework, therefore IBD circular no. 2 of 2007 as amended from time-to-time has been withdrawn, said the SBP.

Published in Dawn, April 8th, 2015

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