All
Banks.
Dear
Sirs,
Minimum Shariah Regulatory Standards
In
order to promote Islamic Banking in Pakistan it has become
necessary that Guidelines issued vide BPD Circular # 1 dated
1st January, 2003 be modified and a uniform policy pertaining
to minimum Shariah regulatory standards for Islamic Banks,
Islamic Banking Subsidiaries and Islamic Banking Branches
be issued.
The
minimum Shariah regulatory standards and the “Fit
and Proper Criteria” framed for selection of the Shariah
Advisor, duly approved by the SBP Shariah Board, have been
incorporated in the Guidelines and are attached as annexure
I, II, III and IV to this Circular. Banks carrying out Islamic
banking operations should enforce the Fit and Proper Criteria
positively by 30th June, 2004 or those who wish to start
such operations as laid down in the guidelines should follow
the instructions in both letter and spirit. Failure to comply
with these instructions will result in penalty under the
provisions of BCO. 1962.
Kindly
acknowledge receipt.
