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.