KARACHI: The State Bank of Pakistan (SBP) has advised banks to facilitate mosques (Masajid) in opening of bank accounts after fulfilling applicable requirements.
According to SBP, various stakeholders have raised concerns regarding non-provision of banking services to mosques (Masajid), particularly opening of their bank accounts, on various pretexts, which is against the objective of financial inclusion and documentation of economy.
Accordingly, SBP has advised the banks and MFBs to refrain from any discriminatory behaviour, and facilitate Masajid in opening their bank accounts after fulfilling applicable requirements as stipulated in Trust, Societies and Associations categories, NGOs/ NPOs/ charities.
Moreover, banks and MFBs guide their unregistered prospective Masjid customers to get themselves registered under the relevant category.
In addition to the above, the maximum Turn Around Time (TAT) for decision to open or decline Masjid account shall be five (05) working days from the date of completion of all legal and regulatory requirements.
Copyright Business Recorder, 2023
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