The State Bank of Pakistan (SBP) said on Tuesday that PIA Sukuk Certificates will continue to be approved security for maintenance of liiquid assets of Islamic Banks According to DMMD Circular No 04 of 2017 sent to all Islamic Banks and Islamic Banking Branches Government of Pakistan vide a notification no. 121(I)/2017 dated February 22, 2017, has amended the PIA Sukuk Certificate Rules, 2009 as under:

"In the PIA Sukuk Certificate rules, in rule 5, for the word "five" the word "ten" shall be substituted and shall be deemed always to have been so substituted." Accordingly, PIA Sukuk Certificates (issue 20-Oct-2009) shall continue to be approved security for maintenance of liquid assets, under section 29 of Banking Companies Ordinance, 1962, for Islamic Banks and Islamic Bank Branches. While, all other instructions on the subject shall remain unchanged. In terms of Government of Pakistan's Notification No D.1781-SO(GS-I) 2009 dated 17th October, 2009; Sukuk certificates issued by Pakistan International Airline Corporation (PIA), were notified as approved security in February 2010.

Copyright Business Recorder, 2017