Guidelines for Shariah Compliance in Pakistan's Islamic Bank
Contents
Top 20 FREQUENT WORDS
shariah 54 compliance 23 islamic 20 ibi 18 banking 17 ibis 17 internal 15 advisor 12 audit 12 guidelines 10 profit 10 pakistan 9 policy 7 department 6 depositors 6 income 6 investment 6 sbp 6 shares 6 basis 5 companies 5 compliant 5 ensure 5 pls 5 related 5 report 5
DOCUMENT KEY POINTS
- state bank of pakistan islamic banking department the team name designation contact pervez said director pervez
- internal shariah audit islamic banking institutions should introduce a system of internal shariah audit so as to ensure that the goals and objectives of shariah compliance are achieved having regard to the following guidelines a internal shariah audit of ibi may form part of the regular internal audit or as a separate unit depending upon size of operations of the ibi
- shariah compliance in order to strengthen the shariah compliance mechanism within ibis and to ensure that all relevant islamic banking regulations are complied with in letter and spirit ibis are required to introduce shariah compliance mechanism as a part of their control structure
- b if the ibi invests in shares which meet above mentioned criteria for investment and in the event a portion of non shariah compliant income exists in the investee company s accounts then income of ibis from dividends shall need to be purified and ibi s share of non shariah compliant income shall be donated to charity on pro rata basis for the period of its holding of the share
- d the report of the internal shariah audit shall be placed before the sa for advising the appropriate corrective action and then before the audit committee of the ibi for consideration and appropriate remedial action as advised by the sa
- iii policy on the priority for investment of own funds and those of pls depositors iv basis for allocating expenses to equity holders and various classes of depositors for determination and appropriation of profit
- ii policy for charging provisions against non performing assets in compliance with prudential regulations and profit equalization reserves out of income generated from pls funds and to whom these provisions and reserves revert to in case of write back or recovery
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DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
islamic risk murabaha minimum iifs NA customers financing customer banking profit credit maximum shariah underlying limit service corporate required mode
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DOCUMENT REFERENCES
Number of Pages
6
Published Date
2008-03-25 15:43:38