By Staff Reporter
KARACHI: The State Bank of Pakistan has issued a circular to heads of all banks, directing them to end discrimination in opening accounts for mosques after completing the necessary details of NGOs, trusts, or other institutions.
The directive came after the leaders of religious madrasas met with Prime Minister Shehbaz Sharif on January 6 to discuss obstacles in opening bank accounts of mosques and madrasahs. In response to these concerns, PM decided to get all obstacles removed.
The central bank’s anti-money laundering department, combating the finance of terrorism department has also directed that the bank accounts of the mosques should be opened within five days after completion of the required documents.
However, the circular did not mention religious madrasahs along with the mosques, but sources reported that in the majority of the cases there exist madrasahs with mosques.
SBP stance
According to SBP, not opening the bank accounts of mosques is a violation of the policy through which the maximum population of Pakistan contributes to the banking sector.
The restrictions and monitoring of the Financial Action Task Force (FATF) have led to difficulties in opening bank accounts for mosques and religious schools, while many have been closed.
The SBP’s directive is seen as a step towards resolving these issues and ensuring that all institutions, including mosques and madrasahs; have equal access to banking services.
However, the SBP also assured that all necessary legal requirements will be fulfilled for the opening of bank accounts of worship places; and urged banks to comply with the directive as the earliest.
