The Presidents/Chief Executives
All Banks/ MFBs/ DFIs

Dear Sir/Madam,

SBP’s Regulations and Instructions – Changes

In line with SBP Vision 2028, and to bring the existing regulatory framework in conformity with Shariah principles, certain changes have been made in the existing SBP regulations, instructions and Foreign Exchange (FE) manual. The lists of these regulations, instructions, and relevant chapters of FE manual are enclosed herewith as Annexure-I and Annexure-II, respectively. The changes are outlined in Annexure-III. Accordingly, all the mentioned terms in the enclosed SBP regulations, instructions and manual shall be interpreted concurrently with their corresponding Shariah-compliant alternatives. These changes shall also apply to other SBP regulations, instructions and chapters of the manual not listed in Annexure-I and Annexure-II, as far as they pertain to Islamic banking.

2. Further, above instructions are restricted only to the extent of the insertions/Shariah alternatives stated in Annexure-III. The other contents in SBP regulations, instructions and manual shall remain unchanged.

3. Please acknowledge receipt.