Karachi November 26 2024: Pakistan Central Bank decided that Islamic Banking Institutions (IBIs) shall pay profit on their PKR saving deposits, excluding deposits of financial institutions, public sector enterprises and public limited companies, equivalent to at least 75 percent of the weighted average gross yield of all pools of an Islamic Bank.
For the purpose of determining the gross yield of each pool, the monthly gross earnings of the pool shall be divided by the monthly average assets of the pool (excluding fixed assets). However, the pool(s) created by IBIs for Shariah compliant standing ceiling facility and Shariah compliant open market operations (OMOs) will be excluded while calculating weighted average gross yield of pool(s).
The above instructions shall be effective from January 01, 2025.
