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920325
STATE BANK OF PAKISTAN NBFIs REGULATION & SUPERVISION DEPARTMENT
CENTRAL DIRECTORATE
NBFIs Circular No. 3
25th March, 1992
ISSUANCE OF GUARANTEES
It has been observed that some of the Modarabas are issuing guarantees on behalf of their clients without having specific approval of such business from the Corporate Law Authority.
2. Modarabas are directed that the issuance of guarantees without specific description of such business is not permissible and they cannot extend the meaning of the expression "Other Services" to include the issuance of guarantees.
3. Please acknowledge receipt.
Yours faithfully,
(I.A. FAROOQ)
Director
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