Section 39C: Business — Banking Companies Ordinance, 1962

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39C. Business.__ Islamic banking institutions shall undertake business and operations consistent with the Principles of Shariah and these shall include: (a) Accepting Islamic Deposit Accounts on modes, based on the Principles of Shariah, as specified by the State Bank. (b) Accepting Restricted and Unrestricted Investment Accounts on modes, based on the Principles of Shariah, as specified by the State Bank. (c) Doing such businesses as are prescribed in section 7 of this Ordinance subject to conformity with the Principles of Shariah, as specified by the State Bank.

Effective date: 1962-06-07

Related sections

Section 39B: Definitions Section 39D: Relationship between an Islamic banking institution or Islamic financial institution and its customers Section 39A: Scope and application Section 39E: Shariah Governance Section 43F: Consequential provisions for winding up, etc.Section 39F: Priority of payments to Islamic deposit account holders, investment account holders and other claimants

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