In order to enlarge the scope of Shariah-compliant financial services inthe country, the State Bank of Pakistan (SBP) has issued guidelines forDevelopment Finance Institutions (DFIs) to undertake Shariah-compliantbusinesses and operations.
Meanwhile, keeping in view changes in the licencing and regulatory regimefor banks, SBP has also updated the guidelines for establishment of Islamicbanking institutions.
The updated guidelines deal with the establishment of a full-fledgedIslamic bank, Islamic banking subsidiary and Islamic banking branches ofconventional banks.
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These guidelines will facilitate the new entrants in the field of Islamicbanking.
