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Islamic financing reclassified

Islamic financing reclassified

KARACHI: The Islamic financing and related assets previously classified under ‘Other Assets’ have been reclassified under credit and advances in all statistical statements of advances and monetary statistics, said the State Bank of Pakistan (SBP) on Tuesday. The move aims to streamline the monetary and credit data with the revised definition.

The weekly data of monetary aggregates and weekly profile of broad money have also been revised accordingly.

The SBP, through a circular in 2013, had advised banks that all financings, advances (against Murabaha etc.), inventories and any other related items pertaining to Islamic modes of financing classified under ‘Other Assets’ would be part of the ‘Islamic Financing and Related Assets’ in the scheduled banks’ annual, half-yearly and quarterly financial statements with effect from Dec 31, 2012.

All monthly data relating to monetary and credit published through SBP’s website and other publications since Jan 2013 will also be revised, said the SBP.

Courtesy : Dawn News



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