Circulars/Notifications - Islamic Banking Department  
 IBD Circular No.06 of 2007
November 10, 2007  

All Heads of Islamic Banking Division

Dear Sir/Madam,

Information about Islamic Banking Windows

In terms of Para 10(v) of Annexure III to IBD Circular No.2 of 2004, banks having Islamic Banking Branches(IBBs) may authorize some of their branches to sell  Islamic banking deposit schemes in order to efficiently utilize the existing branch network provided they comply with conditions mentioned therein.

2.         There is now a growing trend among banks to open Islamic Banking windows. In order to strengthen the regulatory framework and maintain information about window operations, all conventional banks having IBBs are hereby advised to submit to this department following information before start of each Islamic banking window operations: -

  • Details of products & services to be offered in IB window
  • Details of  systems and controls put in place in compliance with IBD Circular No. 2 of 2004.
  • Commission/fee arrangement with authorized branch.
  • Details about training of Human Resource in Islamic Banking.
  • Contact details of Islamic Banking Window

3.         Further, consolidated information about Islamic banking window shall be submitted to the Director Islamic Banking Department, State Bank of Pakistan along with Quarterly Report of Conditions as per the format enclosed as Annexure-I.w.e.f  quarter ending 31st  December, 2007. Any failure to comply with these instructions may result in penal action under the Banking Companies Ordinance, 1962.

4.         Please acknowledge receipt.

Encls: Annexure-I                                                                              


Yours faithfully,

(Pervez Said)
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