KARACHI: The State Bank of Pakistan has declared Sukuk certificates issued by Pakistan International Airlines Corporation (PIAC) as an approved security.
According to a Circular (BSD Circular No. 1) issued by the State Bank on Tuesday, PIAC Sukuk Certificates can be used for minimum paid-up capital and reserves requirement under section 13 of Banking Companies Ordinance (BCO) of 1962.
Similarly, these certificates can also be used for maintenance of liquid assets for Islamic banks and Islamic banking branches only to the extent of 5 percent of their demand and time Liabilities under section 29 of BCO, 1962. staff report
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