The Presidents/Chief Executives
All Conventional Banks having Islamic Banking Branches and
Microfinance Banks having Islamic Operations

Dear Sir/Madam,

Facilitation in conversion of conventional banking branches into Islamic banking branches       

Please refer to IFPD Circular No. 5 of 2024 on the above subject.

2.    With a view to further facilitate the industry in the process of conversion of conventional branches into Islamic, it has been decided to amend the existing criteria, as under:

1. The time period for informing the general public and account holders about the conversion of conventional branches has been reduced from three and a half months to two months.
2. The time interval for issuance of two notices for conversion of current accounts on a deemed acceptance basis has been reduced from 30 days to 15 days.

3.     In view of the above, the updated criteria are enclosed as Annexure-I. The changes shall take effect immediately. All other instructions on the subject shall, however, remain unchanged.

4.     Please acknowledge receipt.