{"id":268132,"date":"2022-06-26T08:26:05","date_gmt":"2022-06-26T03:26:05","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=268132"},"modified":"2022-06-26T08:26:05","modified_gmt":"2022-06-26T03:26:05","slug":"sbp-reaches-out-to-sc-for-guidance-in-fsc-decision","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/sbp-reaches-out-to-sc-for-guidance-in-fsc-decision\/","title":{"rendered":"SBP reaches out to SC for guidance in FSC decision"},"content":{"rendered":"<p>Karachi<br \/>\nSBP welcomes the Federal Shariat Court\u2019s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision. As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system.<br \/>\nIn this context, SBP has always remained at the forefront in promoting Islamic banking in the country. SBP is among the few regulators across the globe where comprehensive legal, regulatory and Shariah Governance frameworks have been successfully developed and implemented.<br \/>\nCurrently, 22 Islamic Banking Institutions (5 full- fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches) with a branch network of 3,983 branches along with 1,418 Islamic banking windows (Islamic banking counters at conventional branches) are operational across the country. The industry now accounts for 19.4 percent of the country\u2019s overall banking system in terms of assets while in terms of deposits the share is 20 percent (as of March 31, 2022).<br \/>\nIn addition, SBP has also been taking measures to bring the legal and regulatory infrastructure in compliance with Shariah principles.<br \/>\nAfter detailed review of the judgment and based upon the advice of our Chief Legal Adviser and external counsel, we have sought guidance from the honorable Shariat Appelate Bench of the Supreme Court in terms of its implementation and practicalities involved.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi SBP welcomes the Federal Shariat Court\u2019s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision. As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-268132","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP reaches out to SC for guidance in FSC decision<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/sbp-reaches-out-to-sc-for-guidance-in-fsc-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP reaches out to SC for guidance in FSC decision\" \/>\n<meta property=\"og:description\" content=\"Karachi SBP welcomes the Federal Shariat Court\u2019s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision. 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