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Saturday, 26 January 2013

Pakistan: SBP streamlines disclosures of Islamic banks

KARACHI: In order to streamline and standardise disclosures of Islamic banks and Islamic banking branches, the State Bank of Pakistan (SBP) has decided to introduce some changes in the statement of financial position of the Islamic banking institutions, according to a circular issued on Tuesday.

The SBP has also directed banks that head financings used by Islamic banks in their balance-sheet and the related note should be renamed as “Islamic Financing and Related Assets”.

According to the circular, all financings, advances (against Murabaha, etc), inventories and any other related item(s) pertaining to Islamic modes of financing, presently being reported under other assets or any other head, would become part of the Islamic Financing and Related Assets.

“The break-up of Islamic Financing and Related Assets into Islamic modes of financing and their respective subdivision into financings, advances, inventories and any other related item(s) shall be reported in the notes to financial statements,” it said.

(The International News / 23 Jan 2013)

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