The
Presidents/Chief Executive Officers
All Islamic Banks/Branches
Dear
Sirs/Madam,
Statutory
Liquidity and Cash Reserve Requirements
2.
In terms of Govt. of Pakistan notification No. 5 (I) GS/2005-149
dated 22nd January, 2008, Karachi Shipyard & Engineering
Works Limited (KSEW) Sukuks (1st issue) has been notified
as an Approved Security for Islamic Banks (IBs)/Islamic
Banking Branches (IBBs), for the purpose of Statutory Liquidity
Requirement (SLR) under sub-section (1) of section 29 and
sub-section (2) of section 13 of the Banking Companies Ordinance,
1962.
3.
However, overall Sukuk holdings for SLR shall not exceed
5% of the Time and Demand Liabilities of the IBs/IBBs, as
the case may be.
4.
All other instructions on the subject will remain the same.
Please
acknowledge receipt.