From: Subject: State Bank of Pakistan Date: Thu, 13 May 2010 13:12:31 +0500 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01CAF29D.F1F3E280" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01CAF29D.F1F3E280 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.sbp.org.pk/departments/ibd.htm State Bank of Pakistan
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Islamic=20 Banking Department   

Vision=20 Statement


To make=20 Islamic banking the banking of first choice for the=20 providers and users of financial=20 services.

   Mission=20 Statement


To promote=20 and develop Islamic Banking industry in line with = best=20 international practices, ensuring Shariah Compliance = and=20 = transparency.

    Introduction<= /P>


Islamic=20 Banking Department was established on 15th = September, 2003=20 and has been entrusted with the task of promoting = &=20 developing the Shariah Compliant Islamic Banking as = a=20 parallel and compatible banking system in the=20 country.
Islamic Banking is one of the emerging = field in=20 global financial market, having tremendous potential = and=20 growing at a very fast pace all around the world.=20 Al-Hamdulillah, the progress of Islamic Banking in = Pakistan=20 has also been commendable during the last Five = years.=20 Currently there are six licensed full fledged = Islamic Banks=20 and twelve conventional banks with standalone = Islamic=20 Banking Branches with the total branch network of = over 336=20 branches operating in more than 50 cities of all the = four=20 provinces and Azad Kashmir in the country as of = 17.07.2008=20 and applications for few more players are under=20 consideration. Islamic Banking is a high priority = area for=20 State Bank of Pakistan. Steps are being taken to = make=20 Islamic banking industry in Pakistan robust enough = to offer=20 a viable alternative to conventional banking, should = the=20 market decide that Pakistan should have an = exclusively=20 Islamic banking system in the country.
State Bank = of=20 Pakistan wants to develop a progressive and sound = Islamic=20 banking system that is in line and compatible with = the=20 global financial sector, providing innovative = Shariah=20 compliant products and services so as to achieve = equitable=20 economic growth.
=20 =

    Departmental=20 Objectives:


a) = Drive and=20 Implement the Strategic Plan for Islamic banking=20 industry

b) Strengthen the existing regulatory = framework=20 for Islamic Banking Industry

c) Strengthen and = broaden the=20 scope and functioning of SBP Shariah Board through = inclusion of=20 more members and engaging of consultants of international=20 repute

d) Arrangement of IFSB events, particularly = Council=20 and Technical Committee meetings, alongwith the side = events in=20 Pakistan in November, 08

e) Leverage from/support = the=20 efforts of IFSB, IDB/IRTI, AAOIFI, IIFM and other = international=20 institutions for promotion of Islamic banking in Pakistan=20

f) Coordination with BPRD regarding licensing of = full=20 fledged Islamic Banks (IBs) and their branches and Islamic = Banking=20 Branches of conventional banks (IBBs) and formation of = Islamic=20 banking subsidiaries

g) Coordination with BID for = Shariah=20 compliance inspection of IBIs and proper compliance of the = observations/recommendations of inspection report = (regarding=20 Shariah Compliance)

h) Utilizing SBP-SECP Joint = Forum for=20 the promotion of Islamic financial industry

i) = Support=20 industry players in development of Shariah-compliant = liquidity=20 management instruments

j) Utilizing the Shariah = Advisor=20 Forum for conflict resolution and for discussion on AAOIFI = Shariah=20 Standards for their adoption in Pakistan

k) Conduct = awareness programme within and outside SBP to eliminate = the=20 misconceptions and to develop the confidence of the public = about Islamic banking

l) Publication of = Islamic=20 Banking Bulletin (IBB) and Islamic Banking System review = (IBSR)=20 and facilitate different departments in preparing various = SBP=20 publications

m) Human resource capacity building in = the=20 Islamic banking industry through coordination with = educational=20 institutes

+ = Rules and=20 Regulations for Islamic Banking
  • Instructions = and=20 Guidelines for Shariah compliance=20
  • Guidelines for=20 Islamic Microfinance Business by Financial = Institutions=20
  • Risk = Management=20 Guidelines for Islamic Banking Institutions
  • Guidelines=20 on Islamic Financing for Agriculture
  • Guidelines=20 For Opening Of Stand Alone Branches for Islamic = Banking=20
  • Fit & = Proper=20 Criteria for Appointment of Shariah = Advisors
+Circulars on=20 Islamic Banking

        Circular = issued by:

  • Islamic = Banking=20 Department=20
  • Banking=20 Policy & Regulations Department=20
  • Banking=20 Surveillance Department=20
  • Banking=20 Supervision Department=20
  • Off-site=20 Supervision & Enforcement Department=20
  • Old BCD=20 Circulars on Islamic Banking=20
  • Other=20 Circulars

 

Strategic=20 Plan for Islamic Banking = Industry
SBP = Governor=92s=20 Speeches on Islamic = Finance
Frequently=20 Asked Questions (FAQs)
Publications<= /A>
Articles
Events= =20
Contact=20 Details of Department = officials

+Miscellaneous=20

  •  Islamic=20 Financial Services Board Survey=20
  •  Islamic = Financial=20 Services Board (IFSB)
  •  Accounting = and=20 Auditing Organization for Islamic Financial Institutions ( = AAOIFI)=20
  •  Islamic = Development Bank=20 (IDB)
  •  Islamic = Research and=20 Training Institute (IRTI) =
  •  NIBAF Islamic Banking=20 Course<= /FONT>=20
  • Essentials of Islamic Modes of=20 = Financing

 =20


 

 


=A9 2004 State Bank of Pakistan. All Rights = Reserved.
Disclaimer | Instructions=20


State Bank=20 of Pakistan
I.I. Chundrigar Road, Karachi,=20 Pakistan.
Phone: = (+9221-24450298, Fax:=20 (+9221) 9212440
http://www.sbp.org.pk/

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