All Heads of Islamic Banking Division
Dear
Sir/Madam,
Information about Islamic Banking Windows
In terms of Para 10(v) of Annexure III to IBD Circular No.2 of 2004, banks having Islamic Banking Branches(IBBs) may authorize some of their branches to sell Islamic banking deposit schemes in order to efficiently utilize the existing branch network provided they comply with conditions mentioned therein.
2. There is now a growing trend among banks to open Islamic Banking windows. In order to strengthen the regulatory framework and maintain information about window operations, all conventional banks having IBBs are hereby advised to submit to this department following information before start of each Islamic banking window operations: -
- Details of products & services to be offered in IB window
- Details of systems and controls put in place in compliance with IBD Circular No. 2 of 2004.
- Commission/fee arrangement with authorized branch.
- Details about training of Human Resource in Islamic Banking.
- Contact details of Islamic Banking Window
3. Further, consolidated information about Islamic banking window shall be submitted to the Director Islamic Banking Department, State Bank of Pakistan along with Quarterly Report of Conditions as per the format enclosed as Annexure-I.w.e.f quarter ending 31st December, 2007. Any failure to comply with these instructions may result in penal action under the Banking Companies Ordinance, 1962.
4. Please acknowledge receipt.