In order to dampen the adverse effects of COVID-19 and to enable the banks/DFIs continue to fulfill their role in funding the real economy, the State Bank of Pakistan has provided regulatory relief on March 26, 2020 by revising the prudential regulations for corporate/commercial banking, consumer financing, agriculture financing, microfinance, SME financing and housing finance.

2. With a view to facilitate the customers of IBIs and smooth implementation of relaxation provided in respective prudential regulations related to deferment of principal or rescheduling/restructuring of financing facilities, following has been decided:

1. While deferring the principal amount or rescheduling/restructuring of different Islamic financing products, IBIs may refer to Appendix-A for major mode wise general principles.
   
   
2. Appendix-A may not necessarily cover all products offered by IBIs. Therefore, IBIs may reschedule/ restructure such Islamic financing products as per their approved financing policy.
   
   
3. IBIs shall ensure that all products/arrangements/documents/agreements, etc. for the above mentioned at point (i) and (ii) are approved by their respective Shariah Boards.
   

3. All other instructions on the matter shall be applicable mutatis mutandis on the IBIs.

4. Please acknowledge the receipt.

Encl: Appendix-A