Pakistan Accounting Standards for Islamic Banks

01 April, 1993

The Pakistan Institute of Chartered Accountants has announced the constitution of a high-powered experts committee to develop accounting standards for Islamic banks in Pakistan.

The step has been welcomed by Islamic bankers, economists, investors, accountants and financial analysts as an important milestone in the development of Islamic banking and will make a significant contribution to the efficient running of Islamic banks.

The committee has the responsibility of developing accounting standards for use by Islamic financial institutions, in recording their transactions and compiling financial reports for investors, creditors, and regulatory agencies.

It will also supplement and complement the work done in this field by the Accounting Standards Board in Bahrain.

The committee comprises of die following members: 1. Maulana Justice Taqi Usmani, Member of the Religious Board and Chairman of the Board of Trustees, Trust for Islamic Economics at Dar-ul- uloom.

2. Dr Waqar Masood Khan, Chief Economist and Executive Vice President, Bankers Equity Ltd.

3. Dr Arshad Zarnan, former Chief Economist, government of Pakistan.

4. Mr Rashid Akhtar Chughiai, Executive Director, State Bank of Pakistan.

5,Mr Ibrahim Sidat, Senior Partner, Sidat Hyder Aslam & Co, Chartered Accountants and the Institute of Chartered Accountants of Pakistan's (ICAP) nominee on the South Asian Federation of Accountants.

6. Mr Masood Naqvi, Senior Partner, Tascer Hadi Khalid & co, Chartered Accountants and Vice President of the ICAP.

7. Mr Syed Mohammad Hussain, Partner, Khalid Majeed Hussain Shah Rahman & co, Chartered Accountants.

8. Mr Badruddin Vellani, Attorney, Vellani & Vellani.

9. Mr Fuad Azim Hashmi, Chief Executive, Gestetner (Private) Ltd.

10.Mr Tayyeb Afzal, Country General Manager, Faysal Islamic Bank of Bahrain.