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Pakistan heads for "Islamic Banking". (Communique).(Brief Article)
On December 5th, Pakistan's central bank published commercial requirements which banks will have to abide by as they are transferred to run on "Islamic principles."
The State Bank of Pakistan said banks should be listed on the stock exchange with at least 50 percent of their shares offered to individual equity investors. They will be required to have a minimum paid-up capital of 16.4 million dollars and at least 15 percent of paid-up capital must be invested by the original sponsors. Banks will be required to keep a minimum capital adequacy of eight percent.
The bank is attempting to facilitate the ...
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Source: HighBeam Research, Pakistan heads for "Islamic Banking". (Communique).(Brief Article)