Handbook of Islamic SME Finance by State Bank of Pakistan
From HodHood
Contents
Top 20 FREQUENT WORDS
islamic 135 microfinance 123 shariah 43 banks 42 services 32 products 30 banking 29 branches 27 required 24 advisor 22 institutions 22 mfb 22 guidelines 21 sbp 20 financial 19 conventional 18 mode 18 business 17 circular 16 mfis 16
DOCUMENT KEY POINTS
- the team name designation contact pervez said director pervez
- guidelines for islamic microfinance business by financial institutions guidelines for islamic microfinance business by financial institutions prologue state bank of pakistan has provided comprehensive regulatory framework for establishment and operations of microfinance banks and provision of microfinance services by financial institutions to poor and low income people
- with the growing popularity of islamic banking in the country as well as microfinance there is a need to prescribe guidelines for islamic microfinance services by microfinance and commercial banks as well as allowing full fledged islamic microfinance banks in the country
- in addition to the documents required under the above mentioned criteria the applicant shall also submit the following documents along with the request a c shariah compliance mechanism apart from shariah advisor a c manpower and training programs a c detailed cv of proposed shariah advisor a c policies manuals and procedures of products and services duly vetted by the shariah advisor the applicant shall deposit a pay order or demand draft of rs
- guidelines for islamic microfinance business by financial institutions for obtaining a licence for islamic mfb the criteria and conditions for grant of license for establishing microfinance banks institutions notified under the mfis ordinance shall apply which are available at http www dot sbp
- islamic microfinance services by full fledged islamic banks islamic banks are encouraged to offer islamic microfinance ismf products through various channels which can not only bring additional value streams to ibis but also help in building their image of fulfilling the social responsibility and working for the cause of poverty alleviation
- dated june which include establishing ismf counters in the existing branches opening of standalone ismf branches establishing independent ismf subsidiaries with independent and professional board and management developing linkages with mfbs licensed by sbp and ngo mfis that are not licensed by sbp to extend wholesale funds in a shariah compliant manner
- in addition to the information required to be submitted to sme and microfinance department of sbp under the mode iv of smed circular of islamic banks shall also be required to submit approval of shariah advisor regarding product mechanism and agreements of the islamic bank for providing finance to imfb mfi
- islamic microfinance products in existing branches as well as in full fledged islamic microfinance branches mode and mode below shall be monitored by islamic banking division of the bank whether a separate microfinance division exists in the bank or not because islamic microfinance assets have to be booked in islamic banking division
- guidelines for islamic microfinance business by financial institutions conventional banks having islamic banking branches can offer islamic microfinance services through following modes mode microfinance counters at existing branches the islamic microfinance products and services can be offered at both islamic banking and conventional branches
- eligibility criteria the eligibility of a mfb to offer islamic microfinance services shall be considered by the state bank keeping in view among others the financial strength of the mfb as evident from its capital base net capital free of actual and potential losses adequacy of its capital structure record of earning capabilities future earning prospects of the mfb managerial capabilities liquidity position track record of the mfb s adherence to prudential and other regulations credit discipline quality of customer services and availability of experienced and trained key staff to handle the islamic microfinance operations
- iv infrastructure and logistic requirements including manpower and training progra miss v changes in memorandum and articles of association of the mfb for the enabling clauses to accept deposits on pls basis and provide financing on the basis of islamic modes of financing if not covered earlier in their memorandum and articles of association
- systems and control the mfb shall ensure that proper systems and controls are in place in order to ensure segregation of funds and protect the interest of depositors including but not limited to the followings a the imd shall prepare a full set of documents pertaining to the deposit investment and financing products pertaining to islamic microfinance operations
- however in such cases proper systems and control should be in place to ensure that the fund transfer takes place on the same day to from the dedicated islamic microfinance branches or imd
- statutory liquidity and cash reserve requirements in order to maintain the statutory cash reserve and liquidity requirement in respect of imb operations the imd shall open a separate current account with state bank
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic micro
KeyWords
islam finance bankable contract client profit purchase financial asset microfin risk sale transact price murabahah busi sharia goodasset payment invest
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DOCUMENT REFERENCES
Number of Pages
12
Published Date
2007-09-10 14:06:43
