In the first quarter of 2002 the United States economy grew at a seasonally adjusted and annualised rate of 5,8 per cent, following an increase of 1,7 per cent in the previous quarter and a contraction of 1,3 per cent in the third quarter of 2001.
SBP requires Islamic banks to appoint Shariah advisors according to a prescribed fit and proper criteria and a Shariah Board has been constituted at the level of SBP to deal with issues relating to Shariah interpretation and compliance among Islamic banks. SECP’s approach varies across different segments of IF.