SBP Islamic Banking Bulletin, July-Sep 2007

Details of products services to be offered in ib

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Details of products & services to be offered in IB window Details of systems and controls put in place in compliance with IBD Circular No. 2 of 2004. Commission/fee arrangement with authorized branch. Details about training of Human Resource in Is- lamic Banking. Contact details of Islamic Banking Window Further, consolidated information about Islamic banking window shall be submitted to the Director Islamic Banking Department, State Bank of Pakistan along with Quarterly Report of Conditions as per the format enclosed with the circular w.e.f quarter end- ing 31st December, 2007 IBD Circular Letter No. 05 of 2007— Declaration of Weightages & Profit Sharing Ratios It has been observed that only few Institutions offer- ing Islamic Banking are regularly updating weight- ages & Profit sharing ratios, before beginning of the period concerned, on their websites. Therefore all Institutions offering Islamic Banking have been ad- vised through this circular letter to make sure that relevant weightages and ratios are updated regularly, before start of the period concerned, keeping in view the following minimum standards: Weightages & Profit sharing ratios must be made available to all constituents before beginning of the period concerned. The weightages & Profit sharing ratios must be available on website. The statement declaring weightages & Profit shar- ing ratios must at the minimum contain date of declaration, period for which they remain effec- tive, all categories/pools & bank’s equity share and their weighatage, types, sizes, tiers of accounts and actual rates paid during the preceding period. The Statement of weightages & Profit sharing ratios must be prominently displayed in all Islamic Bank- ing Branches. All Islamic Banking Institutions are advised to up- date the weightages & Profit sharing ratios on their websites within 7 days form issuance date of this Circular Letter. Note : All SBP Circulars and Circular letters can be accessed at SBP website at : ibd/index.htm Nominations sought for workshop on ‘Capital Adequacy’ and ‘Transparency & Market Discipline SBP is facilitating a workshop from 28th to 30th January 2008 on ‘IFSB Standard on Capital Ade- quacy’ and ‘Transparency & Market Discipline’ with collaboration of IFSB Secretariat. In this regard Islamic Banking Institutions have been asked to send their nominations for participation in the said workshop. Presentation to IBA Sukkur students A presentation was arranged by the department for the IBA Sukkur students on the topic” Emerging Role of Islamic Banking in Pakistan Economy”. Meetings of Sub-Committees on Adoption of AAOIFI’s Shariah Stan- dards on Mudaraba and Ijarah The meetings of the captioned sub-committees were held during the month of November 2007.
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