7.25 percent profit on savings: Islamic banks asked to follow SBP orders

The business community on Sunday asked the central bank to take action against Islamic banks for not implementing its regulations of minimum profit of 7.25 percent to their depositors on saving accounts.

The central bank had made this announcement after it had raised the policy rate to 8.75 percent from 7.25 percent. The central bank through a social media platform also asked customers to file a complaint with their bank if it gives less profit on the savings account. In case of non-compliance by the bank, the SBP asked the depositors to contact its customer complaint help desk. For opening a savings account, the SBP informed the customers to visit the bank of their choice. From January 2022, it has been made mandatory for banks to provide the option to open bank accounts digitally with remote biometric verification and without the need for a customer to visit a bank branch.

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