According to these changes, the head "financing" used by Islamic banks in their balance sheet and the related note should be renamed as "Islamic financing and related assets".

All financings, advances (against Murabaha etc.), inventories and any other related item(s) pertaining to Islamic modes of financing, presently being reported under "Other Assets" or any other head, shall become part of the "Islamic Financing and Related Assets".

The break-up of "Islamic Financing and Related Assets" into Islamic modes of financing and their respective subdivision into financings, advances, inventories and any other related item(s) shall be reported in the notes to financial statements.

The disclosure for Islamic banking branches contained in Annexure-2 to BSD Circular No. 04 dated February 17, 2006 also stands amended on the above lines. The revised Annexure-2 is attached with BSD Circular Letter No. 3 of January 22, 2013.

All Islamic banks and their banking branches have been advised by SBP to comply with the above mentioned instructions which have been made effective from December 31, 2012 while reporting their annual, half-yearly and quarterly financial statements.