The Chief Executives,

All Banks.

Dear Sirs /Madam,

FIT AND PROPER CRITERIA FOR SHARIAH ADVISORS

Please refer to Annexure-IV to IBD Circular No.2 dated 29th April, 2004 on the captioned subject.

In order to facilitate the Islamic banking institutions, the Shariah Board of State Bank of Pakistan has revised the Fit and Proper Criteria for Appointment of Shariah Advisors. Accordingly, it has been decided to replace Fit and Proper Criteria as well as Form-SAP circulated earlier, vide above-mentioned circular, with the attached Annexure and Form-SAP with immediate effect.

3. All existing Islamic banking institutions are advised to submit the duly filled in revised Form SAP in respect of Shariah Advisors appointed by them within 15 days of issuance of this circular.
4. Please acknowledge receipt.

Annexure

FORM-SAP