The State Bank of Pakistan has directed Islamic banks and financial institutions to adopt new Sharia Standards in business practices approved by the international body of Islamic banking with immediate effect.
The new standards will further strengthen the Shariah compliance framework and harmonize the Shariah practices in the Islamic banking industry developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The Shariah standards are termed Ju’alah and Al-Wakalah Bi Al-Istithmar explain the rules of business for the mortgage and its contemporary applications and investment agency.
The adoption of the standards is in addition to current regulations, other instructions, and directives issued by SBP from time to time.
It’s very important to take all the scholars on board instead of one sect to implement shariah banking. There are many factors hide by banks from clients.
convictional banks profit= 20%
islamic bank profit =5% (with inshallah)
//not even single benefit client get, but only islamic banks earning e.g meezan bank (with zero service, no credit card because according to them its against the sharia law right now)
//they are looting n fooling people in the name of islam
Don’t believe? take a loan from islamic banks then you believe…
Result:
Profit of islamic banks is going high.
while the clients have the zero edge in both system