SBP Islamic Banking Bulletin, July-Sep 2007

The lessor cannot increase the rent unilater ally and

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The lessor cannot increase the rent unilater- ally, and any agreement to this effect is void. The lease period shall commence from the date on which the leased asset has been delivered to the lessee, no matter whether the lessee has started using it or not. If the leased asset has totally lost the function for which it was leased, and no repair is possi- ble, the lease shall terminate on the day on which such loss has been caused. (Source: http://www.meezanbank.com//en/ Ijarah.aspx) Essential on Ijarah Mode of Financing approved by SBP Shariah Board, can be accessed from the fol- lowing link: http://www.sbp.org.pk/press/Essentials/ Essentials%20of%20Islamic.htm Page 9 Mode of Islamic Financing in Focus: Ijarah
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July-September 2007 IFSB Exposure Draft of “Recognition of Ratings for Shariah Compliant Financial Institutions” Islamic Financial Services Board (IFSB) has issued Ex- posure draft on Recognition of Ratings for Shariah Compliant Financial Institutions. SBP has circulated the same to various internal and external stakeholders including banks, SBP departments and others. The comments received from stakeholders will be sent to IFSB by the end of December, 2007. ADB Funded TA Project on Strengthening Secured Transac- tions- Feedback from IBIs Small and Medium Enterprises Department of SBP is implementing Asian Development Bank’s Technical Assistance (TA) on building secured transaction framework in Pakistan through an international con- sultancy firm, namely, ISC, Honk Kong. The TA aimed at developing secured transaction framework that will facilitate the use of both moveable and im- movable assets as collateral with the objective to pro- vide access to credit to a larger section of the public particularly to the agricultural and SME sectors. In this regard input from Islamic banking institutions is also being sought on the Draft Secured Transactions Framework Report prepared by the consultants. Islamic Financial Service Board 13th Annual Meeting, March 2008 : Visit of IFSB Delegation & Meetings of Event Management Committee A delegation from IFSB visited State Bank of Pakistan and met the higher management and discussed the arrangements to be made for the IFSB Events to be held next year. Various steps are being taken in con- nection with the Annual meeting of IFSB to be held in Pakistan in November 2008. An event management committee has been constituted and meetings of the committee have also been held to firm up various matters. Training on Shariah Compliance Inspec- tion Manual. A Training program on Shariah Compliance Inspec- tion manual was arranged for officers of Banking In- spection Department and Offsite Surveillance & En- forcement Department of SBP from 26th to 29th No- vember 2007 at the Learning Resource Centre. The training program was conducted by Ford Rhodes Sidat hyder & Co. Chartered Accountants ( A member firm of Ernst & Young Global Limited) IBD Circular No. 05 of 2007 - Guidelines for Islamic Microfinance Business State Bank of Pakistan has formulated guidelines for provision of Islamic microfinance products and ser-
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The lessor cannot increase the rent unilater ally and any...

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