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SBP Islamic Banking Bulletin, July-Sep 2007

Vide access to credit to a larger section of the

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vide access to credit to a larger section of the public particularly to the agricultural and SME sectors. In this regard input from Islamic banking institutions is also being sought on the Draft Secured Transactions Framework Report prepared by the consultants. Islamic Financial Service Board 13th Annual Meeting, March 2008 : Visit of IFSB Delegation & Meetings of Event Management Committee A delegation from IFSB visited State Bank of Pakistan and met the higher management and discussed the arrangements to be made for the IFSB Events to be held next year. Various steps are being taken in con- nection with the Annual meeting of IFSB to be held in Pakistan in November 2008. An event management committee has been constituted and meetings of the committee have also been held to firm up various matters. Training on Shariah Compliance Inspec- tion Manual. A Training program on Shariah Compliance Inspec- tion manual was arranged for officers of Banking In- spection Department and Offsite Surveillance & En- forcement Department of SBP from 26th to 29th No- vember 2007 at the Learning Resource Centre. The training program was conducted by Ford Rhodes Sidat hyder & Co. Chartered Accountants ( A member firm of Ernst & Young Global Limited) IBD Circular No. 05 of 2007 - Guidelines for Islamic Microfinance Business State Bank of Pakistan has formulated guidelines for provision of Islamic microfinance products and ser- vices by financial institutions. These guidelines are aimed at broadening the coverage of microfinance products and services to low income segments of the society in a Shariah compliant manner. These guide- lines stipulate four types of institutional arrangements for offering Islamic microfinance viz: 1. Establishing Full Fledged Islamic Microfinance Banks (IMFBs) 2. Islamic Microfinance Services by Full-fledged Is- lamic Banks 3. Islamic Microfinance Services by Conventional Banks 4. Islamic Microfinance Services by Conventional Microfinance Banks (MFBs) Developments at Islamic Banking Department, State Bank of Pakistan Page 10 “Those who devour Riba shall rise up before Allah like men whom Shaitan has demented by his touch; for they claim that trading is like usury. But Allah has permitted trading and forbidden usury. He that receives an admonition from his Rabb and mends his ways may keep what he has already earned; his faith is in the hand of Allah. But he that pays no heed shall be among the people of fire and shall remain in it forever.” (Al Baqarah 275 - Al Quran)
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July-September 2007 IBD Circular No.06 of 2007 - Informa- tion about Islamic Banking Windows All banks with Islamic banking Branches have been advised to submit information about Islamic Banking windows before start of window operations to IBD and thereafter information about operations of these windows should be submitted along with quarterly report of condition on a prescribed format. IBBs have been advised through the said circular to submit to Islamic banking department following information before start of each Islamic banking window opera- tions:-
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