SBP directs commercial banks to open accounts of mosques

State Bank of Pakistan (SBP) wrote letters to heads of commercial banks on Thursday directing them to open accounts for mosques.

The SBP addressed commercial bank executives requesting them to open accounts for mosques, charities, and non-governmental, non-profit organizations.

Stakeholders expressed their concern about accounts for mosques not being opened. A barrier to financial inclusion and accurately recording the economy is the current habit of not opening accounts.

Moreover, banks were directed to open bank accounts to Trust Societies and Associations and to offer equal opportunities to all.

Additionally, the SBP recommended banks to urge unregistered mosques to register.