Circulars/Notifications - Domestic Market & Monetary Management Department  
 DMMD Circular No. 2 of 2011

April 22, 2011 

All Banks/DFIs/NBFIs

Dear Sir/Madam,

Government of Pakistan Ijara Sukuk

Please refer FSCD’s circular 13 dated September 06, 2008 on the captioned subject.

The holding limit of GOP Ijara Sukuk as stipulated in clause 8 of the above referenced circular has been amended as under with immediate effect:

“In order to ensure that there is no over concentration, maximum holding limit of GOP Ijara Sukuk for commercial banks will be as under:

i. For Islamic Banks holding limit will be 35% of the issue amount.
ii. For Conventional Banks, with Islamic Banking Branches, holding limit will be 35% of the issue amount. The holding restriction will be applied on a combined / amalgamated basis for commercial banks with Islamic Banking Branches.
iii. For Conventional Banks, with no Islamic Banking Branches, holding limit will be 25% of issue amount.
iv. Adherence to the above holding limit by issue has to be complied as of close of any business day.”

The above amended holding limit will be applicable to all issues of GOP Ijara Sukuk.

All other instructions on the subject will remain unchanged.

Yours Sincerely,

(Athar Ghafoor)
Senior Joint Director

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