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041026
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