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Pak issues Islamic trading mudaraba norms

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SummaryPakistan's central bank has issued new rules for Islamic bank deposits backed by asset pools using mudaraba.

will

become more sharia-compliant and risk-averse, Ansari added.In addition, the Institute of Chartered Accountants of Pakistan is finalising a standard which would add further accounting and disclosure requirements, he said.A June report by the central bank raised concerns about the sustainability of Islamic banks' profitability, which has grown since 2010, since the increase in profits has been driven primarily by investments rather than basic banking business.

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