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Criterea for setting up an Islamic Bank

2 the applicant will also submit the following

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2. The applicant will also submit the following documents along with the request :- i) Feasibility Study for setting up of Bank including Organization structure and the name of the proposed Chief Executive. ii) Short Term and Long term Business Plan. iii) Risk management guidelines, Plans for Internal control system and scale of authority iv) Working system and procedures for business operations v) List of companies / firms and their bankers in which sponsor directors and their family members as defined in Section 5(ff) of Banking Companies Ordinance, are interested as Directors, Chief Executive, Partner, Proprietor, or major shareholders holding 5% or more shares vi) Certificate that a Shariah Advisor has been appointed in the light of SBP Shariah Board’s “Fit and Proper Criteria” and the approval of SBP. However, Islamic Banks are free to appoint a Shariah Committee at their own discretion and not as part of SBP regulation. 3. The bank which may be permitted to be established, shall be subject to the prevalent banking and other laws, rules and directives issued by SBP from time to time. 4. The Bank must commence operation within six months of the grant of permission. They must open at least five branches within a period of twelve months from the date of permission. 5. The applicant shall deposit Rs 1,000,000/- (Rupees one million) along with the application as processing fee. The fee so deposited shall be non-refundable. 6. Incomplete application shall be returned and processing fee retained. Re-submission would attract fresh fee. ***********************
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