SBP orders banks to open accounts for mosques and seminaries with in 5 days

The State Bank of Pakistan (SBP) has urged banks to assist mosques (Masajid) and seminaries in obtaining bank accounts after meeting the necessary standards.

According to the SBP, several stakeholders have expressed concern over non-provision of banking facilities to mosques, especially activation of their bank accounts, on flimsy pretexts, which is against the objective of financial inclusion and financial documentation.

As a result, the SBP has advised traditional banks and micro finance banks (MFBs) to refrain from discriminating and assist mosques in opening bank accounts after meeting the appropriate conditions as specified under the classifications Trusts, Companies and Associations and NGOs/NGOs/charitable institutions .

Banks and MFBs must also assist unregistered prospective mosque customers to register under the appropriate category.

In addition, the maximum turnaround time (TAT) for the decision to approve or deny a mosque account must be five business days once all legal and regulatory criteria are met.

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