Urdu translation project: AAOIFI, IBIP ink MoU

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Islamic banking industry of Pakistan (IBIP) signed a Memorandum of Understanding (MoU) for support and sponsorship of Urdu translation of AAOIFI’s Shariah Standards, at a ceremony held at the State Bank of Pakistan’s (SBP’s) in Karachi, Pakistan.

Saeed Ahmad, Deputy Governor SBP and Chairman of high powered Steering Committee of the Government of Pakistan for Promotion of Islamic Banking was the chief guest.

The signing of MoU was praised by Saeed Ahmad as a historic event for Islamic banking industry of Pakistan. He emphasised that the most simple and understandable language should be used to translate the standards so that people can easily understand the same.

“Pakistan is indeed a major partner for AAOIFI and has always been an integral part in AAOIFI’s plans. Sheikh Muhammad Taqi Usmani has been leading the Shariah Board of AAOIFI since its establishment. Similarly, AAOIFI’s Board of Trustees, as well as, the technical boards have always benefited from the presence of prominent Pakistani professionals,” said Dr. Hamed Merah, Secretary-General, AAOIFI.

Zafar Hijazi, Chairman of SECP appreciated efforts of AAOIFI and assured SECP of full support and cooperation.

While signing the MoU on behalf of the Islamic banking industry of Pakistan, Hasan Bilgrami, President of BankIslami Pakistan Limited stressed the need of these standards for the industry as well as the need of having knowledge resources available in Urdu language, which is one of the widely spoken languages of the world.

Members of high powered Steering Committee of the Government of Pakistan for Promotion of Islamic Banking and members of IBIP’s Steering Committee on Media Campaign along with the senior officials from SBP also attended.