STATE BANK OF PAKISTAN – ISLAMIC BANKING DEPARTMENT

Circulars/Notifications 

IBD Circular No. 3
October 26, 2004

The Chief Executives,
All Banks.

Dear Sirs /Madam,

FIT AND PROPER CRITERIA FOR SHARIAH ADVISORS

Please refer to Annexure-IV to IBD Circular No.2 dated 29th April, 2004 on the captioned subject.
In order to facilitate the Islamic banking institutions, the Shariah Board of State Bank of Pakistan has revised the Fit and Proper Criteria for Appointment of Shariah Advisors. Accordingly, it has been decided to replace Fit and Proper Criteria as well as Form-SAP circulated earlier, vide above-mentioned circular, with the attached Annexure and Form-SAP with immediate effect.
3. All existing Islamic banking institutions are advised to submit the duly filled in revised Form SAP in respect of Shariah Advisors appointed by them within 15 days of issuance of this circular.
4. Please acknowledge receipt.

Annexure
FORM-SAP
Yours faithfully,

(Pervez Said)
Director

STATE BANK OF PAKISTAN – ISLAMIC BANKING DEPARTMENT

IBD Circular No. 1
April 23, 2004 

The Presidents/Chief Executives
All Banks / DFIs
Dear Sirs/Madam,

Contact Details of Islamic Banking Department

As you are aware, a full-fledged department for regulation and promotion of Islamic Banking has been established in the State Bank. The objective of this department is to facilitate the banking industry in undertaking Islamic Banking and taking it to a level where it becomes the banking of first choice by the users of financial services.
The department has been staffed with personnel having rich experience in regulating the banking industry with in depth knowledge of all aspects of Islamic banking.
Mr. Pervez Said is heading this department. He has extensive experience in conventional as well as Islamic Banking businesses in Pakistan and abroad with local as well as multinational banks.

The contact details of officials working in the Department are as under:

Mailing Address:

Islamic Banking Department
State Bank of Pakistan
I.I. Chundrigar Road
Karachi.
Fax No. 9212472
Phone Numbers:

Please address all correspondence relating to Islamic banking to the Director, Islamic Banking Department. It is our endeavor to facilitate financial institutions in successfully establishing Islamic Banking businesses. Towards this end, we look forward to being in constant touch with you. You are welcome to contact us at any time on any issue relating to Islamic Banking.

Yours faithfully

(MAHMOOD SHAFQAT)
JOINT DIRECTOR

STATE BANK OF PAKISTAN – ISLAMIC BANKING DEPARTMENT

IBD Circular Letter No. 1
1st June, 2004 

All Banks.

Dear All,

Essentials and Model Agreements for Islamic Modes of Financing

The State Bank of Pakistan had placed on April 16, 2004 the Essentials and Model Agreements for Islamic Modes of Financing on its Website www.sbp.org.pk/press/Essentials/Essentials-Mod-Agreement.htm to invite suggestions and comments from banks, Shariah scholars, chambers of commerce and industry, business community, universities and the general public. The State Bank has so far received some comments from a number of individuals but the process is rather slow.

As the Essentials and Model Agreements have to serve as the standard documents for the State Bank as also the commercial banks, these have to be finalized as soon as possible in the light of suggestions/comments received from various stakeholders. Therefore, July 31, 2004 has been fixed as the cut-off date for receipt of comments.

You are requested to please send your comments / suggestions latest by July 31, 2004 to enable the State Bank to finalize relevant regulations at the earliest.

Yours faithfully,
-sd-
( MUHAMMAD AYUB )