The Shariah supervision mechanism consists of three basic elements. Shariah Advisors for banks undertaking Islamic Banking, a Shariah Compliance Inspection and a centralized Shariah Board for the country at SBP. The first is appointment of Shariah Advisors at each bank undertaking Islamic Banking operations. The fit and proper criteria of the Shariah Advisor are determined by SBP.
Looking ahead, a return to a more normal liquidity management and to a more moderate scale of central bank intermediation is warranted to avoid distortions in financial incentives with longer-term adverse consequences for the economy. The ECB started in fact to phase out a number of non-standard measures back in late 2009.