The
Presidents/Chief Executive Officers
All Islamic Banks/Branches.
Dear
Sirs / Madam,
Cash
Reserve Requirements Against FE-25 Deposits Maintained by
IBs & IBBs
Please
refer to OSED Circular No. 1 dated November 13, 2006 on
the captioned subject whereby Islamic Banks (IBs)/Islamic
Banking Branches (IBBs) are required to maintain Cash
Reserve in US$ equivalent to not less than 11% of their
total FE-25 deposits on daily basis with State Bank of
Pakistan in the following manner:-
a) 5% Cash Reserve Requirement (CRR)
b) 6% Special Cash Reserve Requirement (SCRR)
2.
It
has been decided to reduce the Special Cash Reserve Requirement
for IBs/IBBs from 6% to 2% of total FE-25 deposits with
immediate effect. Accordingly, IBs/IBBs will maintain
7% (including 5% CRR & 2% SCRR) of their FE-25 deposits
with State Bank of Pakistan in the current account, till
further instructions.
3.
All other instructions on the subject will remain the same.Please
acknowledge receipt.