Circulars/Notifications - Islamic Banking Department  
 IBD Circular Letter No. 02 of 2020
April 23, 2020

The Presidents/Chief Executive Officers
All Islamic Banking Institutions (IBIs)

Dear Sirs/Madams,

Guidelines for Implementation of Regulatory Relief to Dampen the Effects of COVID-19


          In order to dampen the adverse effects of COVID-19 and to enable the banks/DFIs continue to fulfill their role in funding the real economy, the State Bank of Pakistan has provided regulatory relief on March 26, 2020 by revising the prudential regulations for corporate/commercial banking, consumer financing, agriculture financing, microfinance, SME financing and housing finance.

2. With a view to facilitate the customers of IBIs and smooth implementation of relaxation provided in respective prudential regulations related to deferment of principal or rescheduling/restructuring of financing facilities, following has been decided:

  1. While deferring the principal amount or rescheduling/restructuring of different Islamic financing products, IBIs may refer to Appendix-A for major mode wise general principles.

  2. Appendix-A may not necessarily cover all products offered by IBIs. Therefore, IBIs may reschedule/ restructure such Islamic financing products as per their approved financing policy.

  3. IBIs shall ensure that all products/arrangements/documents/agreements, etc. for the above mentioned at point (i) and (ii) are approved by their respective Shariah Boards.
3. All other instructions on the matter shall be applicable mutatis mutandis on the IBIs.

4. Please acknowledge the receipt.

Encl: Appendix-A

Yours sincerely,


(Ghulam Muhammad)

About SBP
Economic Data
Press Releases
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
Contact us
What's New?
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Rupey ko Pehchano
Zahid Husain Memorial Lecture
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.