SBP Islamic Banking Bulletin, July-Sep 2007

Developments at islamic banking department state bank

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Developments at Islamic Banking Department, State Bank of Pakistan Page 11
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July-September 2007 AAOIFI Membership The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an Islamic interna- tional organization that prepares accounting, auditing, governance, ethics and Shari'a standards for Islamic financial institutions and the industry. Membership of the same has been obtained by SBP recently. Call for Papers Through combined effort of SBP & IRTI Call for pa- pers has been made in connection with the upcoming events of IFSB in Pakistan. The papers received from the Researchers and Scholars would be received till 15th December 2007 and would then be reviewed by the Technical Committee comprised of officials nomi- nated by IRTI and SBP. The event would be held in Karachi, Pakistan in November 2008. 19th Shariah Board Meeting 19th Shariah Board Meeting was held on 15th Septem- ber 2007.The Karachi Shipyard and Engineering Works Sukuk was analyzed by the Shariah Board and was duly approved and was accepted within the prin- ciples of Shariah. Second Meeting of SECP-SBP Joint Forum on Islamic Financial Services The second meeting of the Joint forum of State Bank of Pakistan & Securities and Exchange Commission of Pakistan on Islamic Financial Services was held on October 02, 2007 at the Learning Resource Centre, State Bank of Pakistan, Karachi. Various issues were discussed in the meeting and the developments that had taken place since the last meeting of the forum were discussed. Developments at Islamic Banking Department, State Bank of Pakistan Page 12 Islamic Banking Branch Network As of December 31, 2007 Sr. No. Name of Bank Branches Full Fledge Islamic Banks 1 Meezan Bank Ltd 100 2 AlBarka Islamic Bank BSC (EC) 18 3 Dubai Islamic Bank Pakistan Limited 17 4 BankIslami Pakistan Limited 36 5 Emirates Global Islamic Bank Limited 10 6 Dawood Islamic Bank Limited 5 Sub Total 186 Standalone Islamic Banking Branches 7 Bank Alfalah Ltd 32 8 MCB Bank Ltd 8 9 Bank of Khyber 17 10 Habib Metropolitan Bank 4 11 Habib Bank Ltd 1 12 Standard Chartered Bank 8 13 Bank Al Habib 4 14 Soneri Bank Ltd 4 15 Askari Bank Limited 14 16 National Bank of Paki- stan 3 17 United Bank Ltd 5 18 *ABN Amro Bank N.V. 3 Sub Total 103 Grand Total 289 * Prime Commercial Bank Limited merged with ABN Amro on September 01, 2007 From Hazrat Abu Hurayrah (RA): The Prophet Muhammad, peace be on him, said: "Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother.“ (Ibn Majah) Extract from last Sermon of Prophet Muhammad (pbuh) on Hajjatul Wida in the 10th year of Hijrah “….Allah has forbidden you to take Riba, therefore all Riba obligations shall henceforth be waived. Your capi- tal, however is yours to keep. You will neither inflict nor suffer any injustice….”
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July-September 2007 Page 13 S.No City No of Branches 25 Mirpur AJK 2 26 Mirpur Khas 1 29 Multan 11 30 Muslim Bagh 1 31 Nawabshah 2 32 Nowshera 1 33 Okara 1 34 Peshawar 15 35 Pishin 1 36 Qilla Saifullah 1 37 Quetta 7 38 Rahim Yar Khan 3 39 Rawalpindi 14 40 Sadiqabad 1
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