The Presidents / Chief Executives
All Islamic Banks and
All Conventional Banks having Islamic Banking Branches

Dear Sirs,

Introduction of New Products and Services

Please refer to para H of Annexure 1 to IBD Circular No. 2 of 2008 wherein Islamic Banking Institutions (IBIs) are required to submit the salient features of the products along with certificate from their Shariah Advisor to this department before the launch of new products and services.

2. Henceforth, all such submissions ie the salient features, product structure, process flow and underlying agreement(s) of the products and services alongwith certificate from their Shariah Advisor shall be made to this department at least 30 days before the proposed launch of new products and/or services.

3. Other instructions as contained in the circular shall however remain unchanged.

Please acknowledge receipt.