In
supersession of BPRD Circular No. 14 dated 16th
June 1998, as amended from time to time and subsequent instructions
issued on that subject, it has been decided that, effective
immediately, the Banks/DFIs shall determine on their own the
returns payable to investors and other depositors of funds
with them. The banks/DFIs are reminded to ensure that returns
are paid strictly in accordance with the principles of Shariah
and after they have fully met and provided for all the actual
and accrued expenses of the related period. In this context,
the banks/DFIs:
a).
shall obtain a certificate from their external auditors
within five months of the close of their accounting year,
for the half year ending June/December each year, and keep
it in their record to be inspected by the SBP’s inspection
teams.
b).
Islamic Banks/Islamic Banking Branches of existing
banks will obtain a certificate from their external auditors
on annual basis that the profit distributed among the depositors
has been calculated in accordance with the policy approved
by their Shariah Board or Shariah Advisor/Committee, as the
case may be.
b).
The banks/DFIs shall ensure that returns on investment
/deposits are declared and paid within 20 days of closing
of the half year to which they relate.
Please
acknowledge receipt.
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