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our correspondent
Thursday, July 18, 2013
From Print Edition


KARACHI: The State Bank of Pakistan (SBP) has adopted a Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institution’s (AAOIFI) Shariah standard for Investment Sukuk (Islamic bonds) with a view to standardise Shariah practices in Islamic banking institutions, said a circular issued by the SBP on Wednesday.


Sukuk issuers now have to comply with the investment Sukuk guidelines of the AAOIFI or face penalties.


AAOIFI is one of the main standard-setting bodies for Islamic finance, which follows religious principles such as bans on interest and pure monetary speculation.