KARACHI: The State Bank of Pakistan on Tuesday issued the Shariah Governance Framework for Islamic Banking Institutions (IBIs), which will be effective from July 1, 2015.

`In view of the feedback received from various quarters and deliberations of the SBP Shariah Board, the framework has been further refined and is being issued for compliance by IBIs,` the central bank said. The IBIs were advised to make all the necessary arrangements to comply withrequirements of the framework.

Moreover, as `Fit and Proper Criterion (FAPC)` for the appointment of member Shariah board of an IBI is made part of the framework, therefore IBD circular no. 2 of 2007 as amended from time-to-time has been withdrawn, said the SBP.