However there is a ned to improve the ratio o such

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Unformatted text preview: However, there is a ned to improve the ratio o such Murabahahs. At the time o receiving Declaration along with Murabahah Purchase Evidences the concerned o icers should physicaly veri y the purchasing made by the agent as it is the most important part o any Murabahah transaction. There ore, every e ort should be made to ma e the proces crystal clear. The concerned personel should prepare report o his visit and a copy o the report should be atached with the relevant Murabahah. Secondly, the Ban should ma e every e ort to ma e direct payment to suplier while purchasing the aset or Murabahah transaction. 2. Similarly while underta ing Ijarah and Diminishing Mushara ah transactions utmost care should be ta en to prepare documentation as per the prescribed ormat as during the review I noted that certain required blan s were not iled properly. Almost al o these erors were o a nature that the validity o the transactions and the income derived there rom was not a ected. Such iregularities were pointed out to the management, and the management has asured that such erors wil not be repeated in uture. 3. Alhamdolilah, the branch networ is growing very rapidly, due to which the sta strength is increasing almost daily. Though the Ban is providing training to new joiners through an internaly developed mechanism. However, I believe that its an area which neds much more improvement in order to ensure Shariah compliance level in day to day transaction. It is there ore sugested that a thorough training o the sta should be underta en to avoid any problems while underta ing Islamic Ban ing transactions. The ban is stil in the proces o development and re inement o its products to ma e them con orming to the highest standard o Shariah Compliance. The Ban has the suport o its Shariah Supervisory Board in this endeavor. May Alah ma e us suces ul in this regard and acept our e orts. In adition to this I would li e to ta e this oportunity to o er praise to Almighty Alah and se His guidance and Taw eq, and to expres my wishes or urther progres, development and prosperity o Ban Islami Pa istan Limited and Islamic Ban ing. Mufti Ir had Ahmad Aijaz Shari'ah Adviser 18 We have audited the anexed balance shet o BANKISLAMI PAKISTAN LIMITED (the Ban ) as at December 31, 2 6, and the related pro it and los acount, cash low statement and statement o changes in equity together with the notes orming part thereo (here in a ter re ered to as the ' inancial statements'), or the year then ended, in which are incorporated the un-audited certi ied returns rom the branches except or thre branches which have ben audited by us. We state that we have obtained al the in ormation and explanations which, to the best o our nowledge and belie were necesary or the purposes o our audit....
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However there is a ned to improve the ratio o such...

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