Please refer to BSD Circular No.
05 dated August 01, 2007 on the captioned subject.
2. In terms of Govt. of Pakistan notification No.
5 (1) GS/2005-150 dated 22nd January, 2008, Karachi
Shipyard & Engineering Works Limited (KSEW) Sukuk
Certificates (2nd issue) have 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.