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mechanism. This document can be used as a basic tool for developing new products thus enabling IBIs to expand their existing business by exploring some new sectors like SME and providing Shariah compliant alternate financial solutions. . Handbook of Islamic SME Financing (iSME) is available at http://www.sbp.org.pk/ibd/pdf/Handbook-(iSME).pdf Lecture Series on Islamic Topics The Islamic Banking Department, State Bank of Pakistan (during the holy month of Ramadan) organized a series of lectures on different topics of Islam. The objective of holding 3 There are 19 IBIs in total as of September 2009 by addition of one more player “Faysal Bank Limited” starting Islamic Banking Operations. Developments at Islamic Banking Department, State Bank of Pakistan
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July-September 2009 14 these lectures was to invite renowned Shariah Scholars to share their knowledge on various aspects thereby enhancing the understanding of SBP officers. The first lecture of the series on ‘Saum & Zakat and related Issues’ was held on August 24, 2009. Renowned Islamic scholar, Mufti Muneeb-ur-Rehman delivered a comprehensive lecture on the importance of Saum (Roza) and Zakat. The second lecture of the series was held on September 12, 2009. Renowned Islamic scholar, Mufti Irshad Ahmad Aijaz spoke on ‘Shabb-e-Qadar aur aakhari ashray kay fazail’. The third lecture of the series was held on 15 th September 2009. The topic of the lecture was ‘Quran hum sai kaya chata hay’. That was delivered by renowned Islamic scholar, Prof. Dr. Ihsanul Haq, Chairman, Department of Arabic, Karachi University. The Ramadan lecture series was concluded with a lecture on ‘Hurmat-e-Sood-Quran Ke Roshni Mein’, delivered by renowned scholar, Mufti Irshad Ahmad Ijaz on September 17, 2009. All these lectures were attended by a large number of officials from SBP and SBP BSC with religious spirit and enthusiasm.
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July-September 2009 15 Guideline out for Islamic banking - Bangladesh http://www.thedailystar.net/newDesign/news-details.php?nid=113545 The Bangladesh Bank (BB) on November 10, 2009 set guidelines for Islamic banking. Under the guidelines, the board of directors of Islamic banks have now been empowered more, instead of the Shariah Council. The central bank had been trying to issue the guidelines for years to establish proper control on the Islamic banking system, but it did not take place because of political interests. The Central Shariah Council is working as the parallel regulator of the central bank for the Islamic banks. In line with the guidelines, an Islamic bank can form an optional Shariah supervisory committee, but there will be no central council. Islamic banking was first introduced in Bangladesh in 1983. Now, a total of seven banks operate as full-fledged Islamic banks. Another dozen commercial banks have Islamic banking wings to cater to the growing market. Luxembourg is emerging as important domicile for funds, sukuk
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