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

Key Pakistan Market Stats and Economic Indicators

SBP’s FX Purchases Jump to USD 1.02bn in September

Name	Price/Vol	%Chg/NChg
KSE100	184,129.58 798.69M	-1.97% -3702.50
ALLSHR	110,763.73 1,266.28M	-1.85% -2087.96
KSE30	56,278.51 173.32M	-2.19% -1261.46
KMI30	259,907.89 102.57M	-2.03% -5380.16
KMIALLSHR	71,198.64 822.49M	-1.72% -1247.03
BKTi	53,693.69 102.25M	-2.59% -1425.61
OGTi	37,589.24 28.20M	-2.72% -1052.27

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	68,640.00	68,870.00 60,005.00	4845.00 7.59%
BRENT CRUDE	68.19	68.82 66.56	0.64 0.95%
RICHARDS BAY COAL MONTHLY	90.00	0.00 0.00	-4.50 -4.76%
ROTTERDAM COAL MONTHLY	103.25	103.25 101.30	2.75 2.74%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	63.83	64.58 62.20	0.54 0.85%
SUGAR #11 WORLD	14.22	14.30 14.14	-0.05 -0.35%