| |
|
 |
| For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
|
Annexure-IV to IBD Circular No. 2 of 2004
Revised vide IBD Circular No. 3 of 2004
STATE BANK OF PAKISTAN
ISLAMIC BANKING DEPARTMENT
FIT & PROPER CRITERIA FOR SHARIAH ADVISORS OF IBIs
1. EDUCATIONAL QUALIFICATION:
Degree from any recognized Waffaqul Madaris (Darse-e-Nizami) with a minimum of 2nd
Class Bachelor Degree with Economics.
OR
Degree from any recognized Waffaqul Madaris (Darse-e-Nizami) with Takhassus Fil Fiqh
and sufficient understanding of banking and finance.
OR
Post Graduate Degree in Islamic Jurisprudence / Usooluddin, L.L.M. (Shariah), etc. from any
recognized University with exposure to banking and finance.
2. EXPERIENCE AND EXPOSURE:
Must have at least 3 years experience of giving Shariah rulings; or at least 5 years experience
in Research and Development in Islamic Banking and Finance. Reasonable knowledge of
Arabic and English languages is necessary.
3. State Bank of Pakistan, at its sole discretion, can give relaxation in respect of educational
qualification and experience in exceptional cases where the person is otherwise qualified for
giving Shariah rulings on banking and financial matters.
4. TRACK RECORD
a. The Shariah Advisor must have an impeccable track record in social, economic and
financial dealings.
b. Has not been terminated or dismissed in the capacity of employee or director/chairman
from any institution, firm or a company.
5. SOLVENCY & FINANCIAL INTEGRITY
a. Has not been associated with any illegal activity especially relating to banking business.
b. Has not been in default of payment of dues owed to any financial institution and/or
default in payment of any taxes in individual capacity or as proprietary concern.
6. INTEGRITY, HONESTY AND REPUTATION
a. Has not been convicted in any criminal offence or involved in financial impropriety and
moral turpitude.
b. Has not been subject to any adverse findings or any settlement in civil/criminal
proceedings particularly with regard to investments, financial/business, misconduct,
fraud, etc.
c. Has not contravened any of the requirements and standards of regulatory system or the
equivalent standards of requirements of any regulatory authorities.
d. Has not been debarred for giving religious rulings by any religious institution/body.
7. CONFLICT OF INTEREST
a. Is not a Shariah Advisor of any other Islamic Banking Institution (IBI).
b. The conflict of interest shall not apply if a Shariah Advisor is nominated by the SBP in
its own Shariah Board.