Islamic Banking













 Regulatory Framework:


Brief Introduction
Exhibiting its resolve for the promotion of Islamic banking and to strengthen Shariah compliance environment of Islamic banking industry, State Bank of Pakistan (SBP) has since 2003 put in place a high-powered Shariah Board to advise SBP on Shariah related matters. The Board consists of six members and has a unique and diversified composition having three Shariah scholars, one lawyer, one accountant and one banker.

The SBP Shariah Board is an apex body and its decisions/rulings are final and binding for the industry. The following are the roles and responsibilities of the Board:

  1. Review and approve for Shariah compliance the products/instruments developed by State Bank of Pakistan for conducting its central banking and monetary management functions under the Islamic modes.
  2. Advise State Bank of Pakistan on Prudential regulations developed for Islamic banking sector.
  3. Approve the fit and proper criteria for appointment of member Shariah Board of institutions conducting Islamic banking activities.
  4. Advise SBP i n case of any difference of opinion between an Islamic banking institution (IBI) and the SBP inspection team or any other department of SBP regarding Shari’ah conformity of IBI’s products, services, contracts and transactions.
  5. Advise State Bank on the Shariah rulings in case of a conflicting Shariah opinion on the Islamic banking products.
  6. Perform such other functions as may be assigned from time to time, by the State Bank for conducting of smooth functioning of Islamic financial system.

List of Previous Members:
Since its inception, following members have served on SBP Shari’ah Board

Term
Chairman (Shariah Scholar)
Shariah Scholar(s)
Accountant
Lawyer
Ex-Officio member/ Secretary

1st
 (2003 – 2005)

Dr. Mahmood Ahmad Ghazi
Dr. Imran Usmani
Mr. Ebrahim Sidat
Syed Riaz-ul-Hasan Gilani
Director Islamic Banking Department State Bank of Pakistan

2nd
(2006 – 2007)

Dr. Mahmood Ahmad Ghazi
Dr. Imran Usmani
Mr. Ebrahim Sidat
Syed Riaz-ul-Hasan Gilani
Director Islamic Banking Department State Bank of Pakistan
 
3rd
 (2008 –2009)
Dr. Mahmood Ahmad Ghazi
Dr. Imran Usmani
Mr. Ebrahim Sidat
Syed Riaz-ul-Hasan Gilani
Director Islamic Banking Department State Bank of Pakistan

4th
 (2010 – 2011)

Dr. Mahmood Ahmad Ghazi/
Dr. Fida Muhammad Khan*

Dr. Imran Usmani
Mr. Ebrahim Sidat
Syed Riaz-ul-Hasan Gilani
Director Islamic Banking Department State Bank of Pakistan

5 th
 (2012-2013)

Dr. Fida Muhammad Khan

 i) Mufti Muhammad Zubair Usmani
(ii) Dr. Muhammad Qaseem

Mr. Ebrahim Sidat
Justice Khalil-ur- Rehman
Director Islamic Banking Department State Bank of Pakistan

6 th
 (2014-2015)

Justice (R) Mufti Taqi Usmani

i) Mufti Muhammad Zubair Usmani
(ii) Dr. Muhammad Qaseem

 

Mr. Ebrahim Sidat
Justice Khalil-ur- Rehman
Director Islamic Banking Department State Bank of Pakistan
  • * Dr. Fid Muhammad replaced Dr. Mahmood Ghazi upon his sudden demise in April 2011.



 


       
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