All Banks.

Dear All,

Essentials and Model Agreements for
Islamic Modes of Financing

The State Bank of Pakistan had placed on April 16, 2004 the Essentials and Model Agreements for Islamic Modes of Financing on its Website www.sbp.org.pk/press/Essentials/Essentials-Mod-Agreement.htm to invite suggestions and comments from banks, Shariah scholars, chambers of commerce and industry, business community, universities and the general public. The State Bank has so far received some comments from a number of individuals but the process is rather slow.

As the Essentials and Model Agreements have to serve as the standard documents for the State Bank as also the commercial banks, these have to be finalized as soon as possible in the light of suggestions/comments received from various stakeholders. Therefore, July 31, 2004 has been fixed as the cut-off date for receipt of comments.

You are requested to please send your comments / suggestions latest by July 31, 2004 to enable the State Bank to finalize relevant regulations at the earliest.