Sukuk declared as security

KARACHI, Jan 28: The State Bank of Pakistan has declared the Karachi Shipyard and Engineering Works (KSEW)’s Sukuks as approved security for Islamic banking.

The SBP issued a circular on Monday saying that KSEW’s Sukuks (1st issue) has been notified as an approved security for Islamic banks (IBs) and Islamic banking branches (IBBs).

This has been declared for the purpose of Statutory Liquidity Requirement (SLR). However, overall Sukuk holdings for SLR will not exceed 5 per cent of the Time and Demand Liabilities of the IBs and IBBs, said the circular.

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