How you say “Islamic Bank” is Halal, When there is State Bank present as a governing body?
1 min read
0 Comments
How can an Islamic bank be considered halal when it is regulated by a state bank in a country with a secular banking system?
This is a valid question, especially in countries where secular and Islamic banking coexist. The solution lies in the standards set by governing bodies under the guidance of Sh. Mufti Muhammad Taqi Usmani, Chairman of the AAOIFI Shari’ah Board and a prominent member of Shari’ah supervisory boards for Islamic financial institutions (IFIs) in Pakistan. These standards provide a framework for the parent institution to govern Islamic banks in compliance with Shari’ah principles.
Click here to get Standards complied by AAOIFI: Go To Link
