Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 14
June 16, 1998   

All Banks / NBFIs.

Dear Sirs,

PAYMENT OF RETURNS TO INVESTORS & DEPOSITORS – ENFORCEMENT OF ISLAMIC PRINCIPLES

 

In supersession of BCD Circular No. 34 dated the 26th November, 1984 as amended from time to time and subsequent instruction issued on that subject, it has been decided that, effective immediately, the banks and other financial institutions shall determine on their own returns payable to investors and other depositors of funds with them. The banks are reminded to ensure that returns are paid strictly in accordance with the principles of Sharia and after they have fully met and provided for all the actual and accrued expenses of the related period.

The rate of return paid by banks to the different category of their invertors and depositors shall be advised to the State Bank in a half-yearly return as of 30th June & 31st December within seven days from the date declared alongwith External Auditors’ certificate


Yours faithfully,
Sd/-
(Mansur-ur-Rehman Khan)
Director

       
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