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, ARY News reported.

The SBP sent letters to the executives of commercial banks requesting that they open accounts for mosques, non-governmental, non-profit organizations, and charities.

Stakeholders expressed their concern over the non-opening of mosques’ accounts. The trend of not opening accounts is a barrier to financial inclusion and documenting the economy.

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

The SBP also advised banks to urge the unregistered mosques to get registered.