State Bank of Pakistan has decided that before launching new products and services, Islamic Banking Institutions (IBIs) shall submit salient features of products along with certificate from their Shariah Advisor to Director Islamic Banking Department, SBP.
Failure to comply with these instructions may result in imposition of penalties under Banking Companies Ordinance (BCO), 1062. Islamic Banking Industry is rapidly expanding in Pakistan and range of products and services offered by IBIs also expanding with the passage of time.
A SBP circular Tuesday said further, in order to update our record, all IBIs are advised to submit information about each of their existing outstanding products and services as per enclosed format at the earliest but not later than March 31, 2007.