The
Presidents / Chief Executives,
All Islamic Banks/Branches
Dear
Sirs,
Statutory
Liquidity and Cash Reserve Requirements
Please
refer to BSD Circular No. 3 dated February 15, 2006 on the
captioned subject.
2.
It has been decided to allow Islamic Banks/ Branches to
include their Cash in hand and balance with National Bank
of Pakistan (NBP) in current account towards the Statutory
Liquidity Requirements (SLR) to be maintained under Section
29 of the Banking Companies Ordinance 1962, with effect
from 4th August 2007. Accordingly, para 2 (ii) of the aforementioned
Circular is replaced as under:
ii) In addition to the CRR, Islamic Banks/Branches will
maintain SLR of 8% of their TDL on overall basis, in the
form of investment in WAPDA Sukuk not exceeding 5% of their
TDL and remaining in the shape of cash in hand, balance
with NBP in current account, and balance with State Bank
of Pakistan in Special Deposit Account.
3.
Other instructions on the subject will remain same.
Please
acknowledge receipt.