BPRD
Circular No. 14 |
June 16, 1998 |
All
Banks / NBFIs.
Dear
Sirs,
PAYMENT
OF RETURNS TO INVESTORS & DEPOSITORS – ENFORCEMENT
OF ISLAMIC PRINCIPLES
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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
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Yours
faithfully,
Sd/-
(Mansur-ur-Rehman Khan)
Director |
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