View source for Draft-Guidelines-Islamic-Microfinance in Pakistan




== Top 20 FREQUENT WORDS ==
islamic 109
microfinance 79
shariah 39
services 37
banks 35
products 34
branches 24
required 24
advisor 21
mfb 21
banking 20
sbp 20
conventional 17
financial 17
institutions 17
guidelines 16
mfis 16
pakistan 15
imd 14
financing 13



== DOCUMENT KEY POINTS ==
*the team name designation contact pervez said director pervez

*state bank of pakistan common elements between islamic finance and microfinance there are many similarities in the nature of islamic banking and microfinance as both forms of finance represent unconventional solutions to financial needs starting from egalitarian approaches being open to all customers without setting any apparent restriction to different categories of clientele

*in addition to the documents required under the above mentioned criteria the applicant will also submit the following documents along with the request a c shariah compliance mechanism a c manpower and training programs a c detailed cv of proposed shariah advisor alongwith his particulars on form sap a c policies manuals and procedures duly vetted by the shariah advisor the applicant shall deposit a pay order or demand draft of rs
*islamic microfinance services by full fledged islamic banks islamic banking institutions ibis 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 for fulfilling the social responsibility and poverty alleviation

*in addition to the information required to be submitted to sme department of sbp under the above heading of smed circular of islamic banks will also be required to submit approval of shariah advisor regarding product mechanism and agreements of the islamic bank for providing finance to imfb mfi
*state bank of pakistan mode islamic microfinance counters at existing branches separate counters offering islamic microfinance products may be opened in the existing branches and it should be prominently displayed in the premises that islamic microfinance products are being offered in the branch

*mode iistandalone islamic microfinance branches mobile banking to be monitored by islamic banking division if a conventional bank with ibbs opts for opening standalone islamic microfinance branches same should be monitored by islamic banking division of the bank
*license for individual branch opening shall be issued by banking policy and regulations department of sbp on receipt of formal application on prescribed format under mfi branch licensing policy and on receipt of evidence about adequate security arrangements at the proposed place of business and meeting the town planning regulations

*in addition to the information required to be submitted to sme department of sbp under the above heading of smed circular of banks will also be required to submit approval of shariah advisor regarding product mechanism and agreements for providing finance to imfb mfi

*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

*c to ensure that all funds pooled into the islamic microfinance fund are channeled into shariah compliant financing and investment activities d to arrange training of staff on islamic microfinance e to arrange for compilation and submission of such returns as may be required to be submitted to state bank from time to time f to ensure that all directives and guidelines particularly those applicable to islamic mf issued by state bank are strictly complied with g to maintain the statutory cash reserve and liquidity requirement with state bank as prescribed by state bank from time to time

*state bank of pakistan internal audit the mfb shall be required to undertake comprehensive internal audit including internal shariah review on the operations of the authorized islamic microfinance branches as well as imd at least once in a year
*statutory liquidity and cash reserve requirements in order to maintain the statutory cash reserve and liquidity requirement in respect of imb operations the imd will 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 bankable microfin financial finance institute cooper bprs productcommodity indonesia convent bmt rural service sector commercial deposit average loan required



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== DOCUMENT REFERENCES ==


=== Number of Pages ===
11


=== Published Date ===
2006-12-07 08:06:47


== Full Document ==


[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/IslamicMicro/Draft-Guidelines-Islamic-Microfinance%20in%20Pakistan.pdf Read the Full Document]


[[Category:Islamic Finance]]

[[Category: Islamic Micro]]