Karachi: Standard Chartered Pakistan, the first International conventional Bank in the country, has established a Shariah Board. This Board will 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 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 (Resident Shariah Board Member & Head of Shariah Compliance Pakistan).
Each member of the Shariah Board is a qualified individual with in-depth knowledge and experience of Islamic accounting, finance, economics and Shariah law.
Commenting on the formation of the Board, Mr. Azhar Aslam, Head of Islamic Banking said, “I am proud to announce the formation of the Shariah Board for Standard Chartered Saadiq. It is envisaged that this Board will play a crucial role in bringing an effective and efficient Shariah governance system in the Bank which will ultimately contribute to achievement of Standard Chartered Saadiq’s fundamental objective of providing our clients with Shariah compliant solutions for their banking needs.”
The Shariah Board is empowered to oversee all Shariah related matters of SCBPL. Through liaising with the Board of Directors & senior management of the Bank, the Shariah Board shall ensure Shariah compliance as per regulatory requirements.
The Board will also endeavour to foster the growth and development of Standard Chartered Saadiq and provide guidelines for devising new products and services.