In terms of Government of Pakistan’s Notification No. D.1781-SO(GS-I)2009 dated 17th October, 2009 ; Sukuk certificates issued by Pakistan International Airline Corporation (PIA), have been notified as approved security:

a) Under Section 13 of BCO, 1962 - requirement as to minimum paid-up capital and reserves; and

b) Under Section 29 of BCO, 1962 - maintenance of liquid assets for Islamic banks and Islamic banking Branches only to the extent of 5% of their Demand and Time Liabilities.

2. All other instructions on the subject shall remain unchanged.

Please acknowledge receipt.