SBP simplifies conversion of conventional to Islamic banking branches

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

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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.

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