The State Bank of Pakistan has advised all Islamic banking institutions (IBIs) to invite their respective Shariah Advisor for discussion on the Shariah-compliance report in their Board of Directors' meetings in which annual audited accounts and Shariah Advisor's report are discussed and approved.
The SBP issued these instruction with a view to providing opportunity to the Shariah Advisor to present the report, prepared in compliance with SBP instructions, to the Board of Directors (BoD) and apprise the BoD about his assessment on the overall Shariah-compliance levels and environment in respective IBIs. The SBP had issued instructions for Shariah-compliance for IBIs on March 28, 2008, wherein the Shariah Advisor is required to prepare a report regarding Shariah-compliance, which is published in the IBIs annual report.
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