The Presidents/CEOs
Islamic Banks/
Banks having Islamic Banking Branches,

Dear Sirs / Madam,

Salient Features of Products and Services

 It is encouraging to note that Islamic Banking Industry is rapidly expanding in Pakistan and the range of products and services offered by Islamic Banking Institutions (IBIs) is also expanding with the passage of time. The IBIs are required to send information about new products and services alongwith Certificate from their Shariah Advisor to State Bank of Pakistan before launching of the same.

 In order to streamline the process, it has been decided that before launching new products and services, IBIs shall submit salient features of the products as per enclosed format alongwith Certificate from their Shariah Advisor to the Director Islamic Banking Department, State Bank of Pakistan. Failure to comply with these instructions may result in imposition of penalties under the BCO, 1962.

Further, in order to update our record, all IBIs are advised to submit information about each of their existing outstanding products and services as per enclosed format at the earliest but not later than 31st March, 2007.

Please acknowledge receipt.

Encls: Annexure