SBP simplifies conversion of conventional to Islamic banking branches

MG News | October 01, 2024 at 07:28 PM GMT+05:00

0:00

October 01, 2024 (MLN): In order to facilitate banks and streamline the process for conversion of their conventional branches, the State Bank of Pakistan (SBP) has decided to revamp the existing criteria.

The changes cover the following areas:

Disclosures for conversion of accounts
Use of digital channels/means for seeking consent from customers for conversion
Conversion of current accounts from conventional to Islamic after exhausting all measures for seeking customers’ consent
Flexibility in conversion process by allowing permission to establish virtual conventional cost centre(s)
Flexibility in safekeeping of securities/collaterals during phase out of conventional portfolio

The changes will be applicable with immediate effect.

Copyright Mettis Link News

Related News

Pakistan's Forex Reserves Decrease by USD 165.90 Million

SBP’s Dollar Buys and Policy Measures Support PKR Stability

Pakistan's Forex Reserves Increase by USD 43 Million

Name	Price/Vol	%Chg/NChg
KSE100	159,578.19 333.05M	-1.06% -1703.58
ALLSHR	96,931.71 859.27M	-1.06% -1038.66
KSE30	48,368.92 143.32M	-1.28% -626.04
KMI30	228,555.67 91.55M	-1.25% -2892.46
KMIALLSHR	63,191.08 415.18M	-1.09% -697.97
BKTi	44,527.46 36.31M	-1.13% -510.27
OGTi	30,789.14 8.49M	-0.76% -236.44

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	103,610.00	104,500.00 103,090.00	-630.00 -0.60%
BRENT CRUDE	63.53	63.65 63.48	0.01 0.02%
RICHARDS BAY COAL MONTHLY	87.15	87.50 87.00	0.35 0.40%
ROTTERDAM COAL MONTHLY	97.00	97.50 97.00	-0.75 -0.77%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	59.61	59.74 59.55	0.01 0.02%
SUGAR #11 WORLD	14.12	14.32 14.05	-0.10 -0.70%