Abstract
The JIBM, in ‘Archives Section’ publishes any material published in any journals
that might not have gotten broader readership due to some limitations or
constraints, or any documents / correspondence that needed awareness of or
action by any of the stakeholders and could help in enhancing attentiveness about
any socio-economic and business issues.
JIBM, in its June, 2014 Issue published a detailed Editorial on the ways and
means to make the takāful system really worthwhile and also discussed some
issues in banca takāful being offered by some IBIs in Pakistan. But, the way the
system of banca takāful developed quickly, may not only promote ‘white collar
crime’ of kick-backs and commissions in Islamic banks, but most probably also
create problems for the policy holders that, in the long run, might affect the
credibility of Islamic banks in the country too.
Accordingly, a letter was written by the Chief Editor, JIBM to the Governor
State Bank of Pakistan with ‘CC’ to the Chairman SECP and the members of the
Shariah Board of the State Bank of Pakistan. As the formal reply by SBP through
its Banking Policy and Regulation Department (BPRD) needed further
clarifications, we sent another letter to the Governor suggesting them to resolve
the socio-economic issue by involving Islamic banking officials of the State
Bank and the joint committee of SECP and the SBP. We received a formal reply
of the second letter as well, which indicated that if deemed necessary, the subject
matter will be taken up by the State Bank with the SECP at an appropriate level.
Keeping in view importance of the matter, JIBM considers it imperative to
publish the correspondence for benefit of all concerned and also to initiate policy
related discussion on the issue. JIBM will be pleased to publish any comments /
suggestions by the takāful companies; Islamic banks offering banca products,
any of the regulators, i.e. SECP and State Bank of Pakistan, academia or even
any affected persons. Accordingly, the correspondence which is sufficiently selfexplanatory is being published in the following sequence:
Letter from Prof. Dr. Anis Ahmed to the Governor, State Bank of Pakistan
dated March 14, 2016
Reply of the State Bank (Banking Policy and Regulations DepartmentBPRD) dated March 30, 2016
Reply from the SECP dated April 25, 2016
Second letter from Prof. Dr. Anis Ahmed to the Governor SBP dated April
18, 2016
Reply of the State Bank of Pakistan (BPRD) dated April 28, 2016.
Archive. (2016) JIBM’s Correspondence with Regulators of Banca Takāful in Pakistan, Journal of Islamic Business and Management, Volume 6, Issue 1.
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