refer to SBP’s Islamic Export Refinance Scheme and
other instructions issued from time to time.
From now on, un-encumbered GoP Ijara Sukuk may be included
in the Musharaka Pool (MP), created under IERS, subject
to the following conditions:
i. The maximum limit for Islamic Bank Institutions’
investment in GoP Ijara Sukuk eligible for IERS MP shall
be 50% of their total share of financing in the MP.
ii. GoP Ijara Sukuk included in MP shall not be counted
for meeting bank’s SLR requirements.
iii. Where GoP Ijara Sukuk are included in the MP, these
will continue to be counted towards calculating the concentration
limit on holding of GoP Ijara Sukuk as per DMMD Circular
No. 2 of April 22, 2011 and other instructions issued
from time to time.
iv. Sukuk included in the MP shall appropriately be reported
in the attached Revised
3. All IBIs shall report Sukuk in MP under the sector
heading of ‘GoP Ijara Sukuk’ while reporting
Revised Appendix 1 and the same should be verified/certified
as over and above the SLR eligible limit by the IBI’s
Internal Audit Head/Compliance Head. Further, the IBIs
shall maintain record of Sukuk issue included and the
amount of that issue included in the MP.
4. Other instructions on the subject remain unchanged.