Standard Chartered sets up Shariah advisory board
KARACHI: Standard Chartered Pakistan, the first international conventional bank in the country, has established a Shariah board.
This board would help guide the bank’s transactions in accordance with the principles of Shariah.
This board has been formed in compliance with the Shariah Governance Framework and from the directives of State Bank of Pakistan.
Standard Chartered Pakistan’s Shariah Board comprises of four members, which includes one internationally recognised scholar. These members are: Sheikh Nizam Yaquby (Chairman), Mufti Muhammad Abdul Mubeen, Mufti Irshad Ahmad Aijaz and Mufti Muhammad Abdullah.
Each member of the board is a qualified individual with in-depth knowledge and experience of Islamic accounting, finance, economics and Shariah law.
The Shariah board is empowered to oversee all Shariah related matters of SCBPL. Through liasing with the board of directors and senior management of the bank, the Shariah board shall ensure Shariah compliance as per regulatory requirements.
The board would also endeavour to foster the growth and development of Standard Chartered Saadiq and provide guidelines for devising new products and services.