The State Bank of Pakistan sold Rs6.522 billion worth of Ijara sukuk (Islamic bonds) in its first auction held on Septem-ber 15, with the primary objective to promote Islamic banking.

The SBP received bids worth Rs9.522 billion for three year Ijara Sukuk against the pre auction target of Rs10 billion

According to the weekly statement of position of all scheduled banks for the week ended September 06, 2008, deposits and other accounts of the scheduled banks stood at Rs3,769.335 billion, lower by Rs19.276 billion over preceding week’s figure of Rs3,788.611 billion.

Commercial banks deposits showed a fall of Rs19.439 billion over the week to Rs3,757.410 billion, against preceding week’s Rs3,776.849 billion.

Specialised banks deposits stood at Rs11.925 billion, against preceding week’s Rs11.762 billion, a rise of Rs0.163 billion. Borrowings by all scheduled banks increased during the week over preceding week’s figure.

It rose to Rs405.632 billion over preceding week’s figure of Rs377.992 billion, a rise of Rs27.640 billion. This was due to increased in the borrowings by commercial banks, which rose to Rs324.309 billion against previous week’s Rs296.601 billion, or by Rs27.708 billion. Borrowings by specialised banks stood at Rs81.323 billion, against preceding week’s figure of Rs81.392 billion.

Gross advances stood at Rs2,915.503 billion in the week under review, a rise of Rs16.365 billion over preceding week’s figure of Rs2,899.138 billion.

Advances by commercial banks increased to Rs2,816.153 billion against earlier week’s figure of Rs2,799.877 billion, or by Rs16.276 billion. Advances of specialised banks stood at Rs99.350 billion, larger by Rs0.089 billion over earlier week’s figure of Rs99.261 billion.

Investments of all scheduled banks decreased in the week by Rs0.079 billion to Rs1,030.767 billion against preceding week’s figure of Rs1,030.846 billion.

Commercial banks investment fell to Rs1,016.980 billion, from earlier week’s Rs1,017.013 billion, or by Rs0.033 billion. Specialised banks investment stood at Rs13.787 billion, against preceding week’s Rs13.833 billion, smaller by Rs0.046 billion.

Cash and balances with treasury banks of all scheduled banks increased by Rs2.622 billion during the week to stand at Rs440.382 billion against earlier week’s Rs437.760 billion.

The figure for commercial banks stood at Rs437.424 billion against preceding week’s figure of Rs434.747 billion, a rise of Rs2.677 billion, while of specialised banks it stood at Rs2.958 billion over previous week’s Rs3.013 billion.

Total assets of scheduled banks stood at Rs5,065.050 billion, smaller by Rs11.248 billion, over preceding week’s figure of Rs5,076.298 billion. Meanwhile, commercial banks assets stood at Rs4,942.914 billion, smaller by Rs11.18 billion over previous week’s figure of Rs4,954.094 billion. Specialized banks assets fell to Rs122.136 billion, or by Rs0.068 billion over previous week’s Rs122.204 billion.