Circulars/Notifications - Offsite Supervision & Enforcement Department  
 OSED Circular No. 02 of 2008
December 12, 2008 

The Presidents/Chief Executives
All Banks/DFIs/Islamic Banks/MFBs

Dear Sirs/Madam,

Questionnaires for Self-Assessment-IRAF

Please refer to BID Circular No. 1 of 2004 wherein Institutional Risk Assessment Framework (IRAF) was introduced for ensuring proactive monitoring of the risks the banks/DFIs are exposed to and to further strengthen the existing supervisory mechanism of the State Bank of Pakistan.

In line with the dynamic regulatory environment, the existing IRAF questionnaire has been revised making it more objective and concise. Further, the scope of IRAF has been enlarged and two new set of questionnaires relating to Prudential Regulations for Agricultural Financing and Guidelines regarding Shariah Compliance of Islamic Banks have been introduced to cover these areas of operations of banking sector as well. In addition, a scale from 1 – 5 has been introduced in order to provide Bank/DFIs flexibility to assess themselves more objectively instead of responding with existing available Yes/No option.

The revised and updated set of questionnaire is annexed as Annexure I to Annexure IX. All the financial institutions are advised to ensure submission of revised set of questionnaire as of 31st December 2008 within stipulated time frame i.e. by February 14, 2009.

All other instructions on the subject, however, will remain the same.

Please acknowledge receipt.

Encl:      Annexure-I (Doc), Annexure-II (Doc), Annexure-III (Doc),

Annexure-IV (Doc), Annexure-V (Doc), Annexure-VI (Doc),

Annexure-VII (Doc), Annexure-VIII (Doc), Annexure-IX (Doc)


Yours faithfully,
(Shaukat Zaman)

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