IslamicFinance.de

In order to standardize and harmonize Shariah compliance mechanism in IBIs, it has been decided that above AAOIFI
Shariah Standards are adopted in Pakistan. In the first phase, AAOIFI’s Shariah Standards No.3 (Default in Payment by a Debtor), No.8 (Murabaha to the Purchase Orderer), No.9 (Ijarah & Ijarah Muntahia Bittamleek) and No.13 (Mudaraba) have been reviewed and are hereby adopted for IBIs in Pakistan. The adoption of these Standards shall, however, be subject to certain clarifications and amendments as given in the attached Appendix- A. IBIs are also advised to be prepared for adoption of other AAOIFI’s Shariah Standards in next phases.