STATE BANK OF PAKISTAN - BANKING POLICY DEPARTMENT

BPD Circular Letter No. 31
25th August 2004

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

Payment of Returns to Investors and Depositors –
Enforcement of Islamic Principles

Please refer to BPD Circular No. 20 dated 25th June 2003 on the captioned subject.

At present, banks are required to furnish separate half yearly statements of PLS rates (declared and paid by them to their PLS depositors for each half year) to Banking Policy and Statistics Departments. The matter has been reviewed and it has been decided that, henceforth, the banks will not be required to send these statements to Banking Policy Department. In future, therefore, these statements should only be sent to the Statistics Department.

Other terms and conditions will, however, remain unchanged.

Please acknowledge receipt.