Shariah Governance: IBIs can implement framework till January 2015: SBP

In order to facilitate Islamic Banking Institutions (IBIs), State Bank of Pakistan Tuesday announced that it is delaying the implementation of Shariah Governance Framework for three months. Now IBIs can implement Shariah Governance Framework from January next year instead of October 2014, it added.
According to IBD Circular Letter No 03 of 2014 issued on September 30, 2014: "based on feedback and with a view to ensuring smooth implementation of the framework that IBIs may put in place necessary structure of the framework, the SBP has decided to extend its implementation date from October 1, 2014 to January 1, 2015." Accordingly, IBIs have been advised to expedite the implementation process within extended timelines, it added.