Shariah compliant banks :SBP sought guidance from Supreme Court

shariah compliant banks: Shariah compliant banks :SBP sought guidance ( islamic banking law ) from the Supreme Court on the Shariah court's decision on interest

State Bank of Pakistan has sought guidance from the Supreme Court on the Islamic Federal Shariat Court decision on interest. Following a detailed review of the decision according to a central bank statement our legal adviser has sought guidance from the Supreme Court Shariah Appellate Bench on implementation & practical points of action based on the advice of a senior lawyer.

shariah compliant banks :Accordingly Bank Daulat Pakistan has welcomed decision of the Supreme Court dated 28 April 2022 in the Rubba case as the Finance Minister has already done.

In particular we appreciate the practical part of the decision. As the primary custodian and regulator of the financial & monetary framework of the Islamic Republic of Pakistan State Bank Pakistan protects the stability & security of the country financial sector which acts as part of world global financial system as well as the protection of Islam. Fully committed to ensuring compliance with orders especially with regard to rubba orders.

In this context SBP has always been at forefront of promoting Islamic banking in the country. shariah compliant banks.

islamic banking law :State Bank Pakistan is one of the few regulatory bodies around the world where comprehensive legal, regulatory and Sharia governance frameworks have-been successfully formulated & implemented.

There are currently 22 Islamic banking institutions operating across country 5 full Islamic banks and 17 traditional banks with separate Islamic banking branches with a branch network of 3983 branches and 1418 Islamic banking windows Islamic banking in traditional branches. Counters.

Islamic banking law :The sector accounts for 19.4 per cent of the country total banking system in terms of assets & 20 per cent in terms of deposits. In addition SBP is taking steps to bring in legal & regulatory infrastructure in accordance with principles of Shariah.

The stock market plunged on super tax on major industries index fell by 2000 points

Pakistan Stock Exchange PSE plunged more than 2,000 points in the 100 index on Friday after reports of a 10 per cent super tax on major industries by the government.

There was a mixed trend at the start of business on Friday. After the government imposed a super tax of 10% on major industries selling pressure on the shares increased & the stock market continued its downward trend.

The index fell from more than 42,000 points to 40,663.

The stock market lost more than 2,000 points at the end of the 1st trading session on Friday.

Yar Butt an analyst at Darson Securities said the government had announced a 10 per cent tax on major industries including cement Sugar steel oil & gas fertilizers banking auto & tobacco. The stock market turned negative & this led to a sharp downturn in stock market.

Stock market plunged on super tax on major industries index fell by 2000 points

Pakistan Stock Exchange PSE plunged more than 2,000 points in the 100 index on Friday after reports of a 10 per cent super tax on major industries by the government.

There was a mixed trend at start of business on Friday. After the government imposed a super tax of 10% on major industries selling pressure on the shares increased & the stock market continued its downward trend.

index fell from more than 42,000 points to 40,663.

Pakistan stock market lost more than 2,000 points at end of the 1st trading session on Friday.

Shariah compliant banks :SBP sought guidance from Supreme Court

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