Waleed Abdul Razzak’s Post

The State Bank of Pakistan has issued comprehensive guidelines for converting conventional banks into Islamic banks. This is a significant step towards the promotion and implementation of Islamic banking in our country. It's encouraging to see such strong regulatory support for a more inclusive and ethical financial system. #IslamicBanking #Finance #Pakistan #SBP

The State Bank of Pakistan has issued comprehensive guidelines for converting conventional banks into Islamic banks. This is a significant step towards the promotion and implementation of Islamic banking in our country. It's encouraging to see such strong regulatory support for a more inclusive and ethical financial system. #IslamicBanking #Finance #Pakistan #SBP

Unfortunately, the very foundation of prevailing system of Islamic banking & finance system is based on Riba/interest. Hence, it cannot yield any positive result for Ummah. While, the existing system of banking is part & parcel of capitalism The Fatwa to use interest is a Bidah (innovation in religion). And Prophet Muhammad SAW said following on Bidah. Prophet Muhammad SAW said, “If anybody introduces a practice which is not authenticated by me, it is to be rejected” (Muslim). “The worst practice is the introduction of a new practice in Islam and every Bidah is misguidance” (Muslim). Instead, we need to implement Islamic economy, a Glimpse of the same is shared below https://lnkd.in/dArVMxTs

The State Bank of Pakistan has issued comprehensive guidelines for converting conventional banks into Islamic banks. This is a significant step towards the promotion and implementation of Islamic banking in our country. It's encouraging to see such strong regulatory support for a more inclusive and ethical financial system. #IslamicBanking #Finance #Pakistan #SBP

Bangladesh Bank guidelines for Shariah Supervisory Committee of banks: The Shariah Supervisory Committee (SSC) of Islamic Banking plays a vital role in framing policies for strict adherence to Islamic principles. The SSC conducts periodic reviews and audits to maintain continuous Shariah compliance. It also plays a vital role in educating bank staff about Islamic finance principles. Reference: Guidelines for Conducting Islamic Banking November 2009, Appendix (I)- Fit and proper criteria for selection of members of Shariah Supervisory Committee #bdral_advisory #bdral_research #bdral_training #bdral_creditrating

Bangladesh Bank guidelines for Shariah Supervisory Committee of banks: The Shariah Supervisory Committee (SSC) of Islamic Banking plays a vital role in framing policies for strict adherence to Islamic principles. The SSC conducts periodic reviews and audits to maintain continuous Shariah compliance. It also plays a vital role in educating bank staff about Islamic finance principles. Reference: Guidelines for Conducting Islamic Banking: November 2009, Appendix (I)- Fit and proper criteria for selection of members of Shariah Supervisory Committee #bdral_advisory #bdral_research #bdral_training #bdral_creditrating

The Federal Shariah Court of Pakistan in its recent decision mandated the government to transit to a financial and banking system compliant with Islamic principles by December 2027. The State Bank of Pakistan has now released guidelines for converting conventional banks into Islamic banks. This marks a major advancement in promoting and implementing Islamic banking in the country. It's heartening to witness such robust regulatory backing for interest-free financial system. #IslamicBanking #SBP #Pakistan

The State Bank of Pakistan (SBP) has published its Financial Stability Review for 2023, which highlights significant developments in the Islamic finance and banking sectors, including the Takaful segment, and their contributions to Pakistan’s goal of transitioning into a fully Islamic financial system by 2027. https://lnkd.in/dsNH-c8Z #REDmoney #IFN #IslamicFinance #Finance #Takaful #Sukuk #IslamicBanking #FinancialGrowth #IslamicInvestments #ShariahCompliant #DigitalBanking #FinancialInclusion #EconomicDevelopment #StateBankOfPakistan #Pakistan