Regulatory Alerts2025-01-31 | IFPD Circular No. 02Added · Updated
Adoption of AAOIFI Shariah Standard No. 47
AAOIFI Shariah Standard No. 47 – Rules for Calculating Profit in Financial Transactions has been adopted with specific clarifications and amendments. The adoption adds footnotes to clauses 2, 6, 7/1, 8, 8/1, 8/2, and 12 to define terms, adjust numbering, and permit customary accounting practices for profit distribution in deferred transactions. Institutions are required to avoid misleading or deceptive profit calculation methods and to upgrade systems to remain consistent with Shariah standards.
More like this from SBP
SBP published 6 documents in the last 30 days. We email you each new one the day it's published.
Topics
islamic-finance
Share